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
$28.99
Day's Change
-0.04 (-0.14%)
Bid
--
Ask
--
B/A Size
--
Day's High
29.10
Day's Low
28.81
Volume
(Light)
Volume:
25,971,555

10-day average volume:
51,914,855
25,971,555

Air travel is back? Before buying airline stocks on TSA's latest upbeat figures, check out this chart

2:51 pm ET October 19, 2020 (MarketWatch)
Print

Shawn Langlois

More than 1 million passengers were screened by the Transportation Security Administration on Sunday, marking a new pandemic high (https://www.tsa.gov/news/press/releases/2020/10/19/tsa-screens-over-1m-passengers-single-day-first-time-march) for an airline industry in dire need of some good news.

The announcement lit a buying fire under long-suffering stocks (https://www.marketwatch.com/story/airline-stocks-see-broad-gains-after-tsa-daily-traveler-data-topped-1-million-on-sunday-2020-10-19) such as United Airlines Holdings (UAL) , Delta Air Lines (DAL) , JetBlue (JBLU) and Southwest Airlines (LUV) , but is the news really that bullish?

Not according to Wolf Richter of the popular Wolf Street blog (https://wolfstreet.com/2020/10/19/worst-recovery-ever-to-soothe-investor-pain-government-agency-tsa-hypes-airline-stocks-in-chilling-pr-stunt/), who said the "TSA hype" doesn't quite capture what's happening in the industry.

"There was zero numerical context, such as the comparison with the same period last year," Richter said. "This context that the TSA failed to discuss, and that the media then failed to mention, is still unchanged-horrible."

He posted this chart for some perspective:

So, as you can see, the traffic is still down 64.5% from last year, and, also of note, it's not even the "least-worst" week of the pandemic. That milestone was reached around Labor Day, Richter explained.

Here's another way to look at it:

"What this boils down to is this: Airline passenger traffic, compared to the same period last year, has recovered a little bit from the catastrophic near-zero April lows but remains down about 64% from a year ago, in a phenomenon I have called the 'worst recovery ever (https://wolfstreet.com/2020/10/14/airlines-toxic-mix-still-crushed-ticket-sales-lower-ticket-prices-delta-q3-passenger-revenues-86-percent/),'" he said.

Nevertheless, the news was clearly bullish enough for investors to buy up airline stocks in the face of a weak market on Monday. At last check, the Dow Jones Industrial Average , S&P 500 and tech-heavy Nasdaq Composite were all firmly lower.

-Shawn Langlois; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

October 19, 2020 14:51 ET (18:51 GMT)

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