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.


Last Trade
0.05 (0.14%)
B/A Size

Market Hours

Closing Price
Day's Change
-0.15 (-0.42%)
B/A Size
Day's High
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10-day average volume:

LyondellBasell stock drops more than 5% after big profit miss, with margins to be pressured further

6:46 am ET October 28, 2022 (MarketWatch)

Shares of LyondellBasell Industries N.V. sank 5.2% in premarket trading Friday, after the chemical company reported third-quarter profit that fell well below expectations, as higher energy costs, new supply and weaker markets pressured margins. "Global demand for LyondellBasell's products utilized in consumer packaging remained stable, but demand from durable goods markets softened," the company stated. Net income dropped to $572 million, or $1.75 a share, from $1.76 billion, or $5.25 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $1.96 was below the FactSet consensus of $2.89. Sales fell 3.5% to $12.25 billion, missing the FactSet consensus of $12.58 billion. Looking ahead, the company said demand from consumer packaging, oxyfuels and refining markets remains strong in October, but "persistent inflation and high energy costs with weaker seasonal demand are likely to drive further margin compression across most of the company's businesses in the fourth quarter." The stock has lost 6.8% over the past three months through Thursday, while shares of rival Dow Inc. has declined 9.0% and the S&P 500 has dropped 6.5%.

-Tomi Kilgore


(END) Dow Jones Newswires

October 28, 2022 06:46 ET (10:46 GMT)

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