Bank of America Corp
Change company Symbol lookup
Select an option...
BAC Bank of America Corp
SU Suncor Energy Inc
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETNs
GE General Electric Co
HLNE Hamilton Lane Inc
HLI Houlihan Lokey Inc
HIG Hartford Financial Services Group Inc
HIBB Hibbett Sports Inc
HHC Howard Hughes Corp
VPRB VPR Brands LP
Go

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.

Closing Price
$26.11
Day's Change
0.64 (2.51%)
Bid
--
Ask
--
B/A Size
--
Day's High
26.19
Day's Low
25.26
Volume
(Above Average)
Volume:
63,354,498

10-day average volume:
56,075,071
63,354,498

UPDATE: Adobe stock rises as coronavirus work-from-home shift boosts subscription revenue

5:28 pm ET June 11, 2020 (MarketWatch)
Print

By Wallace Witkowski, MarketWatch

Earnings come in above consensus, but total revenue doesn't

Adobe Inc. shares rose in the extended session Thursday after the software company's earnings and contract revenue topped Wall Street estimates as the drive for mobile workplaces because of COVID-19 increased demand for its digital products.

Adobe (ADBE) shares rose 4.4% after hours, following a 4.7% decline in the regular session to close at $387.67.

The use of digital documents as millions of people shifted to work-from-home environments because of the COVID-19 pandemic was a huge driver in the company's digital products, the company said.

"The tectonic shift toward 'all things digital' across all customer segments globally will serve as a tailwind to our growth initiatives as we emerge from this crisis," said Shantanu Narayen, president and chief executive of Adobe, in a statement.

The company reported second-quarter net income of $1.1 billion, or $2.27 a share, compared with $632.6 million, or $1.29 a share, in the year-ago period. Adjusted earnings were $2.45 a share, compared with $1.83 a share a year ago. Revenue rose to $3.13 billion from $2.74 billion in the year-ago quarter.

Analysts surveyed by FactSet had forecast earnings of $2.32 a share on revenue of $3.16 billion.

When Adobe reported earnings back in March, (http://www.marketwatch.com/story/adobe-results-top-expectations-but-outlook-misses-as-coronavirus-impacts-customer-spending-2020-03-12)the company had forecast second-quarter earnings of about $2.35 a share on revenue of about $3.18 billion, factoring in uncertainty over COVID-19, while the Street had modeled earnings of $2.33 a share on revenue of $3.22 billion.

Annual recurring revenue, a software-as-a-service metric that shows how much revenue the company can expect based on subscriptions, for digital media was $9.17 billion. Analysts had forecast $9.11 billion.

That record ARR highlighted "how mission-critical creative and document solutions are in engaging remotely," said John Murphy, Adobe chief financial officer, in a statement.

ARR for Adobe's creative segment was $7.93 billion, while the Street had forecast $7.92 billion, and ARR for its document cloud segment was $1.24 billion, compared with the Street forecast of $1.19 billion.

Adobe expects third-quarter adjusted earnings of about $2.40 a share on revenue of about $3.15 billion, while analysts had forecast earnings of $2.46 a share on revenue of $3.26 billion. The company is not forecasting results for the year citing the "macroeconomic environment and the strategic shifts for advertising cloud."

Of the 28 analysts who cover Adobe, 19 have buy or overweight ratings, eight have hold ratings, and one has an underweight rating, along with an average price target of $365.65, according to FactSet data.

Adobe shares are up nearly 18% for the year, contrasting with a 7% decline in the S&P 500 index and compared with a 6% rise in the tech-heavy Nasdaq Composite Index and a 12% increase in the iShares Expanded Tech-Software Sector ETF (IGV) .

-Wallace Witkowski; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

June 11, 2020 17:28 ET (21:28 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.

Earnings Calendar and Events Data provided by |Terms of Use| © 2020 Wall Street Horizon, Inc.

Market data accompanied by is delayed by at least 15 minutes for NASDAQ, NYSE MKT, NYSE, and options. Duration of the delay for other exchanges varies.
Market data and information provided by Morningstar.

Options are not suitable for all investors as the special risks inherent to options trading may expose investors to potentially rapid and substantial losses.
Please read Characteristics and Risks of Standard Options before investing in options.

Information and news provided by ,, , Computrade Systems, Inc., , and

Copyright © 2020. All rights reserved.