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.

Closing Price
$24.09
Day's Change
0.60 (2.55%)
Bid
--
Ask
--
B/A Size
--
Day's High
24.31
Day's Low
23.79
Volume
(Light)
Volume:
47,996,895

10-day average volume:
60,590,044
47,996,895

UPDATE: Trump's TikTok and WeChat ban hurts Chinese internet stocks -- here's why his executive order also puts pressure on Microsoft

11:14 am ET August 7, 2020 (MarketWatch)
Print

By Pierre Briançon

U.S. President Donald Trump signed two executive orders on Thursday giving American citizens and businesses 45 days to sever any relations with popular Chinese social media and video-sharing platform TikTok (https://www.whitehouse.gov/presidential-actions/executive-order-addressing-threat-posed-tiktok/), owned by ByteDance, and messaging app WeChat (https://www.whitehouse.gov/presidential-actions/executive-order-addressing-threat-posed-wechat/), a unit of gaming and internet conglomerate Tencent Holdings.

- "The spread in the United States of mobile applications developed and owned by companies in the People's Republic of China (China) continues to threaten the national security, foreign policy, and economy of the United States," Trump wrote in similar language in both orders.

- The presidential decision puts pressure on Microsoft , which is engaged in talks with TikTok owner ByteDance to buy the activities of the messaging app in the U.S. and three other countries. Microsoft said earlier this week that it aimed to conclude the discussions by Sept. 15.

- Shares of Tencent (0700.HK) fell 5% on the Hong Kong stock exchange, amid a general fall of Chinese internet companies. The Trump orders came a few days after Secretary of State Mike Pompeo had indicated the U.S. was engaged in a broad campaign (https://www.reuters.com/article/us-usa-china-apps-pompeo-breakingviews/breakingviews-pompeos-chinese-web-wall-is-a-tall-order-idUSKCN2520KG) against Chinese internet companies.

- "The U.S. is using national security as an excuse and using state power to oppress non-American businesses. That's just a hegemonic practice," the Chinese foreign ministry said on Friday, warning that Washington would "bear the consequences" of the presidential edits.

The outlook: Another day, another step in the escalation of tensions between Washington and Beijing, with Trump unlikely to climb down in the final stretch of the U.S. presidential campaign. The two executive orders won't have the same impact in China: The Chinese government seems to care little about the fate of TikTok, which boasts of 100 million U.S. users every month. But WeChat, while having a much smaller footprint in the U.S. with about one million users, has a massive presence in China and is the app of choice of the Chinese diaspora.

-Pierre Briançon; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

August 07, 2020 11:14 ET (15:14 GMT)

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