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Bank of America Corporation Message Board

  • jpmhedgefund jpmhedgefund May 1, 2013 6:57 PM Flag

    "MasterCard's deceleration is a very broad indication that global consumer spending is slowing down,"


    "MasterCard's deceleration is a very broad indication that global consumer spending is slowing down," said Wedbush Securities analyst Gil Luria.
    U.S. spending "cooled" in February as consumers adjusted to higher payroll taxes and some inflation in gas and food prices, MasterCard CEO Ajay Banga said in a morning conference call.
    He cited slower retail sales vs. a year earlier, which benefited from springlike weather.
    "The strengthening U.S. housing market could be a good signal that the economy is turning, and the second half of 2013 will be the test of that," Banga said.
    But Q2 right now "looks a little dodgy," he added.

    Sentiment: Strong Sell

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    • Not anything new that we don't know. Many banks are fighting for revenue. However, some banks are at a point that cannot increase their income if their revenue do not grow. This is different for BAC since Bofa is reducing a lot of expenses like lawsuits and workforce and savings directly goes directly to its bottom line and earnings. On the other hand, BAC is the only big bank that can increase its income significantly without growing revenue while others are at their top and they cannot do what BAC can.

      Sentiment: Strong Buy

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