Bank of America Corp
Change company Symbol lookup
Select an option...
BAC Bank of America Corp
ANDOF Alumindo Light Metal Industry Tbk PT
PCAR Paccar Inc
VMI Valmont Industries Inc
JPM JPMorgan Chase & Co
KCLI Kansas City Life Insurance Co
PRU Prudential Financial Inc
RLI Rli Corp
WRB W. R. Berkley Corp
AON Aon PLC
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.

Postmarket

Last Trade
Delayed
$28.69
0.00 (0.00%)
Bid
--
Ask
--
B/A Size
--

Market Hours

Closing Price
$28.69
Day's Change
0.53 (1.88%)
Bid
--
Ask
--
B/A Size
--
Day's High
29.04
Day's Low
28.67
Volume
(Average)
Volume:
50,282,721

10-day average volume:
51,777,503
50,282,721

UPDATE: American Airlines downgrade, Delta's weak third quarter weigh on airline stocks

12:33 pm ET October 13, 2020 (MarketWatch)
Print

Claudia Assis

Airline stocks were under pressure Tuesday after grim quarterly results for Delta Air Lines Inc. and a downgrade for American Airlines Group Inc.

Delta (DAL) earlier Tuesday reported a wider-than-expected third-quarter loss (https://www.marketwatch.com/story/delta-air-lines-stock-drops-after-loss-widens-revenue-falls-more-than-expected-2020-10-13) as passenger revenue dropped 83%. Sales fell 76% to $3.06 billion, also below Wall Street expectations.

Related: Boeing Q3 deliveries are roughly half of Q3 2019 deliveries (https://www.marketwatch.com/story/boeing-q3-deliveries-are-roughly-half-of-q3-2019-deliveries-2020-10-13)

Analyst Stephen Trent at Citi kept his buy rating on Delta shares, saying that Delta's response to the pandemic and the crimp that travel restrictions put on air travel "looks about as good as any global network carrier could have managed under the circumstances."

Delta's "medium-term outlook seems more relevant for the carrier's investment case than the completion of the second toughest quarter in aviation history," he said. Liquidity of $21.6 billion "looks strong vs. 3Q's daily cash burn" of $24 million and September's level of just $18 million, he said.

Passenger demand is improving, but Delta sees fourth-quarter revenue at one-third of fourth-quarter 2019. In a call with analysts, the carrier highlighted its cleaning protocols and its middle-seat blocking policy.

Delta shares have lost 46% this year, contrasting with gains around 9% for the S&P 500 index.

The carrier's year-to-date losses compare with a 60% drop for United Airlines Holdings Inc. (UAL) stock and a 57% drop for American Airlines' (AAL) shares in the same period.

American Airlines stock was downgraded to the equivalent of sell, from neutral, by analysts at Susquehanna, led by Christopher Stathoulopoulos.

The analysts said they "continue to want to own airlines that are built for low cost (or said another way, point-to-point carriers with homogenous fleets) and, importantly, have solid liquidity runways."

They kept their buy ratings on Delta as well as Southwest Airlines Co. (LUV) and upgraded Alaska Air Group Inc. (ALK) to buy as well. Alaska has "ample cash" and a relatively young fleet among its positives, the Susquehanna analysts said.

"At the same time, we're downgrading hub-and-spoke carrier (American Airlines) to negative, as we see mid-term risk increasingly skewed to the downside, given leverage (4.9x net-debt-to-EBITDA into the crisis) and uncertainty around a recovery," they said.

Airlines have curtailed their schedules, slashed capacity, and received billions from the U.S. government to avoid layoffs. Industry observers don't expect a recovery to prepandemic levels until three years from now, (https://www.marketwatch.com/story/after-an-unprecedented-hard-landing-the-airline-industry-is-facing-a-long-path-to-a-new-takeoff-2020-08-27)and some capacity may be lost for longer.

-Claudia Assis; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

October 13, 2020 12:33 ET (16:33 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.