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
$23.87
Day's Change
1.21 (5.35%)
Bid
--
Ask
--
B/A Size
--
Day's High
23.95
Day's Low
23.67
Volume
(Heavy Day)

Today's volume of 18,951,915 shares is on pace to be much greater than BAC's 10-day average volume of 71,799,767 shares.

18,951,915

Alibaba points to 'steady recovery since March' as earnings, revenue top expectations

7:28 am ET May 22, 2020 (MarketWatch)
Print

Alibaba Group Holding Ltd. (9988.HK) said it's seen a "steady recovery since March" after the COVID-19 outbreak dampened its business earlier in the year. U.S.-listed shares of the company are up 0.4% in premarket trading Friday. The Chinese e-commerce giant recorded fiscal fourth-quarter net income of RMB3.1 billion ($447 million), or RMB1.16 a share, down from RMB25.8 billion, or RMB9.84 a share, in the year earlier period. Alibaba said that the decline in net income mainly reflected net losses on investment income related to declining. market prices for its equity investments in public companies. On an adjusted basis, Alibaba earned RMB9.20 a share, up from RMB8.57 a share a year prior, while the FactSet consensus had been for RMB6.05 a share. The company posted revenue of RMB114.3 billion, up from RMB93.5 billion a year earlier, while analysts were expecting RMB107.5 billion. "Although the pandemic negatively impacted most of our domestic core commerce businesses starting in late January, we have seen a steady recovery since March," Chief Financial Officer Maggie Wu said in a release. Alibaba said that the number of annual average customers on its China retail marketplaces hit 726 million in the quarter, up 15 million from the 12-month period that ended in December. For the full fiscal year, which ended in March, Alibaba saw RMB7.1 trillion in gross merchandise volume across its "digital economy." For the new fiscal year, the company expects over RMB650 billion in revenue, while analysts were modeling RMB659 billion. Alibaba shares have lost 0.2% over the past three months as the KraneShares CSI China Internet ETF (KWEB) has added 0.8% and as the S&P 500 has lost 12%.

-Emily Bary; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

May 22, 2020 07:28 ET (11:28 GMT)

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