Bank of America Corp
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Financials : Banks | Large Cap Value
Company profile

Bank of America Corporation is a bank holding company (BHC) and a financial holding company. The Company's segments include Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets. Consumer Banking segment offers a range of credit, banking and investment products and services to consumers and small businesses. The GWIM segment provides client experience through a network of financial advisors focused on clients with over $250,000 in total investable assets, including solutions to meet client's needs through a set of investment management, brokerage, banking, and retirement products. Global Banking segment provides a range of lending-related products and services, integrated working capital management and treasury solutions, and underwriting and advisory services. Global Markets segment offers sales and trading services and research services to institutional clients across fixed-income, credit, currency, commodity, and equity businesses.

Closing Price
Day's Change
0.11 (0.31%)
B/A Size
Day's High
Day's Low

10-day average volume:

These stocks soared up to 12% after inflation cooled

9:41 am ET August 13, 2022 (MarketWatch)

By Philip van Doorn

Wednesday's big winners include Carnival, Zscaler and Netflix

Amid the euphoria following what appeared to be the first sign of slowing inflation, stocks staged a broad rally on Aug. 10, with dozens of large-cap stocks rising 5% or more.

Those included several tech names that investors loved during the early stages of the coronvirus pandemic, along with cruise lines, credit-card lenders and chip-related companies.

A list of the day's best performers among the S&P 500 Index and the Nasdaq-100 Index is below.

The S&P 500 rose 2.1% and is up 12% since its 2022 closing low on June 22. The benchmark index is still down 11.7% this year.

The strong showing followed a report from the Bureau of Labor Statistics saying the Consumer Price Index was unchanged in July from June after rising 1.3% in June from May, and decelerated to an annual 8.5% in July from 9.1% the previous month.

Greg Robb provided further analysis of what the better-than-expected inflation report might mean for interest rates when the Federal Open Market Committee has its next meeting Sept. 20-21, which will be followed by a decision on the fed funds rate and the Federal Reserve's investment policy.

All 11 sectors of the S&P 500 were up for the day:

Index                   Price change -- Aug. 10  Price change since S&P 500 closing low June 22  Price change -- 2022 
Materials                                 2.9%                                            6.3%               -12.4% 
Consumer Discretionary                    2.9%                                           20.4%               -18.2% 
Information Technology                    2.8%                                           16.8%               -15.1% 
Communication Services                    2.8%                                            6.8%               -25.4% 
Financials                                2.3%                                           10.3%               -11.6% 
Industrials                               2.2%                                           13.3%                -7.6% 
Real Estate                               1.4%                                           12.0%               -13.3% 
Health Care                               1.1%                                            6.7%                -5.9% 
Consumer Staples                          0.7%                                            6.6%                -3.2% 
Energy                                    0.7%                                            2.7%                35.9% 
Utilities                                 0.5%                                           13.8%                 5.4% 
S&P 500                                   2.1%                                           12.0%               -11.7% 
                                                                                                    Source: FactSet 

The Nasdaq-100 includes the largest 100 non-financial stocks in the full Nasdaq Composite Index . When added to the S&P 500, the group expands to 518 stocks, 92% of which posted gains on Aug. 10.

Here are the day's 20 best performers in this expanded large-cap group -- many are still down by high double digits from their one-year highs:

Company                                 Ticker  Price change -- Aug. 10  Price change since June 22  Price change -- 2022  Decline from 52-week high  Date of 52-week intraday high 
Norwegian Cruise Line Holdings Ltd.      NCLH                    12.1%                       18.2%               -34.6%                     -54.0%           11/05/2021 
Zscaler Inc.                              ZS                     10.4%                       21.0%               -43.9%                     -52.0%           11/19/2021 
Royal Caribbean Group                    RCL                      9.8%                       13.6%               -45.8%                     -57.6%           11/08/2021 
Carnival Corp.                           CCL                      9.2%                        7.5%               -48.6%                     -62.2%           09/27/2021 
SVB Financial Group                      SIVB                     7.7%                       13.0%               -33.3%                     -40.7%           11/16/2021 
DocuSign Inc.                            DOCU                     7.7%                       21.5%               -50.5%                     -76.0%           08/10/2021 
CrowdStrike Holdings Inc. Class A        CRWD                     7.5%                       21.2%                -1.9%                     -32.7%           11/10/2021 
Etsy Inc.                                ETSY                     7.4%                       57.8%               -46.6%                     -62.0%           11/26/2021 
Datadog Inc Class A                      DDOG                     7.3%                       29.3%               -33.9%                     -41.0%           11/17/2021 
Marvell Technology Inc.                  MRVL                     7.3%                       18.5%               -37.1%                     -41.4%           12/08/2021 
MercadoLibre Inc.                        MELI                     6.9%                       57.1%               -21.1%                     -46.0%           09/02/2021 
Teradyne Inc.                            TER                      6.8%                        8.5%               -39.4%                     -41.3%           12/28/2021 
Qorvo Inc.                               QRVO                     6.6%                       14.4%               -30.3%                     -44.1%           08/09/2021 
Zoom Video Communications Inc. Class A    ZM                      6.4%                       -2.7%               -39.1%                     -71.5%           08/10/2021 
Generac Holdings Inc.                    GNRC                     6.3%                       22.1%               -26.2%                     -50.5%           11/02/2021 
Netflix Inc.                             NFLX                     6.2%                       36.5%               -59.5%                     -65.2%           11/17/2021 
Discover Financial Services              DFS                      6.0%                       14.8%                -6.6%                     -20.4%           08/13/2021 
Albemarle Corp.                          ALB                      6.0%                       19.9%                10.9%                     -11.0%           11/22/2021 
Capital One Financial Corp               COF                      6.0%                        6.7%               -22.3%                     -36.6%           08/13/2021 
Aptiv PLC                                APTV                     5.9%                       15.8%               -36.1%                     -41.7%           11/04/2021 
                                                                                                                                                                  Source: FactSet 

Click on the tickers for more about each company.

Click here for Tomi Kilgore's detailed guide to the wealth of information for free on the MarketWatch quote page.

Despite all the good cheer among investors, economists at Pimco warned that core inflation might increase again in August, and BlackRock's chief investment officer for global fixed income agreed with the Pimco economists that the Fed was still likely to increase the federal funds target range by another 0.75% in September.

Rex Nutting cautioned that one month of inflation data might not yet signal a trend because of the continuing increase in rents.

Read on: 10 defensive stocks that can also provide you with growth and dividends over the long term

-Philip van Doorn


(END) Dow Jones Newswires

August 13, 2022 09:41 ET (13:41 GMT)

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