Bank of America Corp
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Financials : Banks | Large Cap Value
Company profile

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S. Trust, Bank of America Private Wealth Management; Global Banking, which provides a range of lending-related products and services; Global Markets, which offers sales and trading services, and All Other, which consists of equity investments, residual expense allocations and other.

Price
Delayed
$19.77
Day's Change
0.00 (0.00%)
Bid
--
Ask
--
B/A Size
--
Day's High
--
Day's Low
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Volume
(Light)

Today's volume of 661,896 shares is on pace to be much lighter than BAC's 10-day average volume of 121,756,197 shares.

661,896

UPDATE: JPMorgan cuts price targets on GM, Ford and Tesla after coronavirus forces production cuts

9:19 am ET March 19, 2020 (MarketWatch)
Print

JPMorgan lowered stock price targets for General Motors Co. (GM), Ford Motor Co. (F) and Tesla Inc. (TSLA) on Thursday, as the car companies were forced to cut production in the midst of the outbreak of the coronavirus that causes COVID-19. Analyst Ryan Brinkman noted that IHS Automotive materially lowered its expectations for global light vehicle production for the first quarter this week to -16.6% from -10.8% prior, and for the full year to -4.8% from -1.9%. JPMorgan is assuming the actual decline will be even worst given that production cuts have been announced since the IHS report was released. In a note to clients, Brinkman said distributor LKQ Corp. (LKQ) is best positioned, given it serves after markets, along with tire makers. "Automakers and suppliers, by contrast, are worse positioned, given the cyclical and discretionary nature of vehicle purchases, and given the rapidity of the decline in production which implies higher than typical decremental margins (ordinarily 30% for automakers and 20-25% for suppliers)," the analyst wrote. "Rental cars service providers could be worst positioned because of the precipitous decline in leisure and business travel. While there exist at the moment multiple tempting bargains across the automotive sector after one of the fastest market pullbacks in history, given the number of unknowns - including the duration of social distancing, etc. - we generally prefer higher quality companies, often with lower leverage, within subsectors (e.g., GM (GM) > Ford (F) amongst automakers, Cooper Tire (CTB) CTB > Goodyear Tire (GT) GT amongst tires, and Avis Budget (CAR) CAR > Hertz (HTZ) HTZ amongst rentals)." Brinkman lowered his Ford stock price target to $7 from $9, lowered GM to $30 from $46 and lowered Tesla to $240 from $260. All three were lower premarket.

-Ciara Linnane; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

March 19, 2020 09:19 ET (13:19 GMT)

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