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.

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UPDATE: AMD earnings: Gain expected from Intel's pain yet again

12:20 pm ET October 26, 2020 (MarketWatch)

By Wallace Witkowski

After so-so earnings and weak forecast from larger rival, AMD will reveal results Tuesday

Advanced Micro Devices Inc. is expected to repeat its story of gaining at the expense of larger rival Intel Corp.'s woes when it reports earnings.

AMD (AMD) is scheduled to report earnings on Tuesday after the market closes. AMD follows on the heels of Intel Corp.'s (INTC) results, which were met with concern ( a more than 10% share drop Friday.

It's still unclear whether AMD plans to buy chip maker Xilinx Inc ( for an estimated $30 billion, following a report earlier in the month, although many analysts are skeptical ( of the deal. Still, AMD spent most of the quarter and beyond rolling out new products ( such as PC chips like the Zen 3 (

Earnings: Of the 34 analysts surveyed by FactSet, AMD on average is expected to post adjusted earnings of 35 cents a share, up from the 31 cents a share expected at the beginning of the quarter. Estimize, a software platform that crowdsources estimates from hedge-fund executives, brokerages, buy-side analysts and others, calls for earnings of 37 cents a share.

Revenue: Back in July, ( predicted third-quarter sales of $2.45 billion to $2.65 billion, while analysts on average had forecast revenue of $2.31 billion at the time. Now, 33 analysts, on average, expect revenue of $2.56 billion, up from the $1.8 billion reported in the year-ago quarter. Estimize expects revenue of $2.59 billion.

Stock movement: In the third quarter, AMD shares soared 55.8%, powered by Intel's announced delay of 7-nanometer chips ( In comparison, the PHLX Semiconductor Index rose 12.4%, the S&P 500 index gained 8.5%, and the tech-heavy Nasdaq Composite Index rose 11%.

Cowen analyst Matthew Ramsay, who has an outperform rating, said he expects AMD's third-quarter results to "move higher on strong notebook and console sales offsetting weaker pre-Zen3 desktop, while steady server share gains sustain."

Mizuho analyst Vijay Rakesh, who has a buy rating on AMD, said he expects AMD to gain more share from Intel in the enterprise and cloud markets, while expanding its hiring.

B of A Securities analyst Vivek Arya, who has a buy rating on AMD, said that he expects a "solid" PC, gaming demand and data center recovery to power the company's results, with its upside only capped by supply at Taiwan Semiconductor Manufacturing Co. (2330.TW), AMD's chip fabricator.

Susquehanna Financial analyst Christopher Rolland, who has a positive rating on AMD, sees the company catching part of a PC and gaming surge in 2020 along with competitor Nvidia Corp. (NVDA)

Of the 39 analysts who cover AMD, 15 have buy or overweight ratings, 21 have hold ratings and three have sell ratings, with an average price target of $81.92, just below Friday's close of $81.96.

-Wallace Witkowski; 415-439-6400;

(END) Dow Jones Newswires

October 26, 2020 12:20 ET (16:20 GMT)

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