BAC - Bank of America Corporation
| Previous Close | 28.12 |
| Open | 28.02 |
| Bid | 27.74 x 21500 |
| Ask | 27.75 x 21500 |
| Day's Range | 27.57 - 28.09 |
| 52 Week Range | 22.66 - 31.37 |
| Volume | 54,499,289 |
| Avg. Volume | 51,983,659 |
| Market Cap | 252.52B |
| Beta (3Y Monthly) | 1.64 |
| PE Ratio (TTM) | 9.87 |
| EPS (TTM) | N/A |
| Earnings Date | N/A |
| Forward Dividend & Yield | 0.72 (2.56%) |
| Ex-Dividend Date | 2019-09-05 |
| 1y Target Est | N/A |
- InvestorPlace
Should Investors Buy Bank of America Stock?
Bank of America's (NYSE:BAC) investor position indicator recently fell below 2.0 for the first time since January. As a result, BofA market strategist Michael Hartnett hinted that investors should consider buying risk assets such as BAC stock.Source: Tero Vesalainen / Shutterstock.com InvestorPlace - Stock Market News, Stock Advice & Trading TipsBefore you get mad at me for stretching the truth, here's what Hartnett actually said:"The bank's investor position indicator, which tracks 18 measurements on asset flow, sentiment, and price, is falling below 2.0 for the first time since January--a level that signals that investor positions are extremely bearish and triggers a contrarian buy signal for risk assets." * 7 Industrial Stocks to Buy for a Strong U.S. Economy He did not recommend buying BAC stock. However, trading at 1.o5 times its book value, the BAC stock price certainly is attractive relative to some of its peers. Is that enough to make BAC stock a buy?Here are my arguments for and against buying Bank of America stock. The Argument for Buying BAC StockAs I stated above, Bank of America's price/book ratio is pretty darn low. According to a list of the 15 largest U.S. banks by total assets, the average P/B of the 14 banks not named Bank of America is 1.24, approximately 18% higher than BAC. So, on that front, BAC stock is cheaper than its peers. However, there are some outliers. For example, Charles Schwab (NYSE:SCHW) is the 12th-largest U.S. bank with $283 billion in assets. It has a P/B of 2.68 due to its wealth management and brokerage businesses. Excluding Schwab, the average P/B drops to 1.13, 7.5% higher than BAC.More importantly, compared to the largest U.S. bank, JPMorgan (NYSE:JPM), which trades at 1.53 times book, BAC stock provides better value. It also can't hurt to mention that BAC stock is Berkshire Hathaway's (NYSE:BRK.A, NYSE:BRK.B) largest bank holding. Berkshire owns $26.0 billion of BAC stock, representing 12.5% of the holding company's equity portfolio. If you believe in Warren Buffett, that speaks volumes about BAC. The Argument Against Buying Bank of America StockBetween the trade war, which is hurting a wide swath of U.S. companies and the recent interest-rate cut which lowered the amount banks make from their loans, banking stocks are cheap for a reason. And although Federal Reserve Chairman Jay Powell has said further interest rate cuts are unlikely, if the trade war continues well into 2020, the Fed will definitely reconsider its stance.Quite simply, banks' earnings are currently under pressure and will remain so for the foreseeable future. That makes all bank stocks less attractive. Interestingly, despite the fact that all bank stocks are being hurt by the current economic climate, BAC was the only major bank stock to be downgraded by Raymond James analyst Michael Rose last week. Rose cut Bank of America stock from "outperform" to "market perform," due to the bank's inability to generate positive operating leverage in 2020. InvestorPlace writer James Brumley recently referenced Rose's comments about BAC in his article about the bank."We now see its greater than peer asset sensitivity positing a greater challenge to net interest income given further flattening of the yield curve and the potential for several additional rate cuts from here," Rose stated. Brumley further noted that the bank has an unusually large amount of non-interest-bearing deposits that help it during periods of rising interest rates but hurt it when interest rates are falling. BAC 's non-interest-bearing deposits account for 23% of its total funding sources. BAC stock has risen more than most of its peers as a result of the possibility of higher interest rates. However, now that this has been thrown into question, Bank of America stock doesn't have nearly the momentum it did a year ago. The Bottom Line on BAC StockI would wait until the trade war is settled and the direction of the U.S. economy is better understood before buying BAC stock.For those who don't want to wait, I see JPMorgan as the best of the major U.S. banks At the time of this writing Will Ashworth did not hold a position in any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Deeply Discounted Energy Stocks to Buy * 7 Stocks to Buy In a Flat Market * 10 Stocks to Buy to Ride China's Emerging Wealth The post Should Investors Buy Bank of America Stock? appeared first on InvestorPlace.
- Barrons.com
Bank of America Stock Is Hit With Another Downgrade
KBW’s Brian Kleinhanzl says a less positive outlook for the U.S. economy makes him less upbeat about the lender’s earnings.
- Bloomberg
Jobs Report Shows U.S. Labor Market Cracking But Not Crumbling
(Bloomberg) -- Terms of Trade is a daily newsletter that untangles a world embroiled in trade wars. Sign up here. Weak August job gains signaled the U.S. labor market’s slowdown is deepening as the trade war with China takes a toll on the economy, even as some details of the report suggested a recession is far from imminent.Private payrolls rose 96,000, a three-month low, according to Labor Department figures Friday that trailed the median estimate of economists for a 150,000 gain. Total nonfarm payrolls climbed a below-forecast 130,000, which was boosted by 25,000 temporary government workers to prepare for the 2020 Census count.While average monthly job gains of 158,000 this year are down sharply from 223,000 in 2018, the pace is still more than enough to keep pace with population growth. In addition, the jobless rate held near a half-century low and average hourly earnings topped forecasts.Those figures offered some hope that the chief U.S. economic engine -- consumer spending -- will continue to power the record-long expansion, despite the headwinds from trade tensions and softer global growth.Even so, Friday’s figures reinforced expectations for Federal Reserve policy makers to cut interest rates by a quarter point for a second straight meeting this month. Fed Chairman Jerome Powell will have a chance to clarify the central bank’s view of the economy when he speaks at 12:30 p.m. New York time at the University of Zurich.“We are clearly seeing a deceleration in the labor market,” said Joe Song, senior U.S. economist at Bank of America Corp. “On the other hand there were some positives.” Also, employers may be having more difficulty finding workers, he said.What Bloomberg’s Economists SayPayroll gains were weaker than expected in August, and prior months were downwardly revised, but there were some important silver linings in the report, including a rebound in the workweek and at least a temporary halt in the deceleration of aggregate income growth. -- Carl Riccadonna, Yelena Shulyatyeva and Eliza WingerClick here for the full note.U.S. stocks edged higher, and Treasuries inched lower as the mixed data fueled bets the Fed will cut interest rates on Sept. 18.Higher wages and looser hiring requirements are drawing more Americans in from the sidelines. The participation rate, or share of working-age people in the labor force, increased to 63.2%, while the employment-population ratio rose to a 10-year high of 60.9%, both up 0.2 percentage point from the prior month.That reflected the household survey’s count of employment rising by 590,000, while the number of unemployed people fell by 19,000 to 6.04 million. The gains could partly stem from the temporary census hiring, said Wells Fargo & Co. economist Jay Bryson.White House economic adviser Larry Kudlow chose to highlight the household survey’s employment gain as a “blowout number.” That figure is typically more volatile than payrolls, which are derived from a separate survey of employers. Kudlow said August payrolls tend to be “quirky,” often coming in low and then being revised upward.“America is working and America is getting paid and the economy is very strong,” Kudlow said on Bloomberg Television.President Donald Trump tweeted Friday that “The Economy is great. The only thing adding to ‘uncertainty’ is the Fake News!”Despite that confidence, if weaker job gains continue that may spell trouble for Trump’s re-election prospects.Other solid points included the share of prime-age women in the labor force jumped to the highest level since 2002, and the black unemployment rate hit an all-time low in data back to 1972.In addition, two key early-warning indicators in the U.S. jobs market -- hiring for temporary-help positions and weekly working hours -- strengthened in August.There’s also the possibility statistical quirks skewed the August payrolls figure lower. Lou Crandall, chief economist at Wrightson ICAP LLC, had flagged a potential undershoot for August payrolls that will ultimately be revised higher by the Labor Department.That doesn’t discount the fact that job gains in the U.S. are decelerating.“The bottom line is that payroll growth is slowing and that is a worrying trend,” Torsten Slok, chief economist at Deutsche Bank, said on Bloomberg Television. “The general picture here is certainly of a slowing economy.”The U.S. expansion is becoming increasingly dependent on steady job gains that have been powering strong consumer spending. Concerns about a recession have recently intensified because of weakness in manufacturing that’s resulting partly from the trade war and slowing global demand.Revisions subtracted 20,000 jobs from the prior two months, bringing the three-month nonfarm average to 156,000.But the payroll figures showed weakness in several sectors. Manufacturing added an anemic 3,000 jobs, retailers cut positions for a seventh straight month and education and health services hired the fewest people since February.Industries with solid gains included construction at 14,000 and professional and business services at 37,000.The U-6, or underemployment rate, rose to 7.2% from an 18-year low of 7%. The gauge includes part-time workers who’d prefer a full-time position and people who want a job but aren’t actively looking.\--With assistance from Chris Middleton and Sophie Caronello.To contact the reporter on this story: Reade Pickert in Washington at epickert@bloomberg.netTo contact the editors responsible for this story: Scott Lanman at slanman@bloomberg.net, Vince GolleFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- InvestorPlace
Friday’s Vital Data: Lululemon, Twitter and Bank of America
U.S. stock futures are trading higher this morning in a continuation of Thursday's powerful breakout. With equities finally busting outside of last month's range, the stage is set for a resumption of the market's long-term uptrend.Source: Shutterstock Ahead of the bell, futures on the Dow Jones Industrial Average are up 0.35%, and S&P 500 futures are higher by 0.38%. Nasdaq-100 futures have added 0.27%.In the options pits, call activity exploded yesterday, helping to drive overall volume to the moon. Specifically, about 24.1 million calls and 19.3 million puts changed hands on the session.InvestorPlace - Stock Market News, Stock Advice & Trading TipsNot surprisingly, the mad dash into calls had a significant impact on the CBOE's single-session equity put/call volume ratio. The reading plunged to a two-month low at 0.53, reflecting a sharp increase in bullish sentiment. Meanwhile, the 10-day moving average ticked down to 0.67. * 7 Stocks to Buy In a Flat Market Options traders swarmed in Lululemon (NASDAQ:LULU), Twitter (NASDAQ:TWTR), and Bank of America (NYSE:BAC).Let's take a closer look: Lululemon (LULU)Lululemon reported better-than-expected earnings last night, sending the stock over 6% higher to $200 for the first time in its history. Yesterday saw LULU stock surge on huge volume ahead of the number. Almost 6 million shares changed hands or three times the daily average.For the quarter, Lululemon posted earnings of 96 cents per share on revenue of $883 million. Both measures bested estimates which called for earnings of 89 cents per share on $844 million in sales. Same-store sales grew 10%, but the number jumps to 15% when including digital sales.The company boosted forward guidance. In the third quarter, LULU expects earnings per share in the 90-92 cent range and revenue between $880 and $890 million. * 7 Tech Stocks to Buy That Are Also Perfect for Retirement On the options trading front, calls and put demand was balanced ahead of earnings. Activity ballooned to 824% of the average daily volume, with 129,555 total contracts traded. The tally was split 50-50 between calls and puts.Premiums were pricing in a $15.25 or 8% move on earnings, so this morning's 6% jump is inside of expectations. Expect a sharp drop in implied volatility today as traders unwind their earnings bets. Twitter (TWTR)The S&P 500 wasn't the only chart departing its range on Thursday. Twitter also blasted through a month-long resistance zone. The breach was all the reason spectators needed to jump in. Buyers swarmed all day long pushing TWTR stock to a 4.5% gain on the session.Volume grew to its highest levels in a month confirming the breakout's legitimacy. This makes it much more likely that the move sticks. The blue bird's year-to-date gains have now grown to an impressive 58%.On the options trading front, traders came after calls with a vengeance. Total activity climbed to 295% of the average daily volume, with 210,027 contracts traded; 79% of the trading came from call options alone.With uncertainty easing, implied volatility sank to 37% placing it at the 15th percentile of its one-year range. With premiums officially cheap, long option trades like calls or call spreads are attractive if you're betting bullish. Bank of America (BAC)Traders also came after bank stocks Thursday with Wells Fargo (NYSE:WFC) and Bank of America landing atop the options leaderboard. BAC stock scored a 2.3% gain on above-average volume, while WFC stock climbed 2.4%.Company-specific news for Bank of America was non-existent so consider its upward thrust a technically-driven move sparked by the broader market breakout.Turning to its price chart shows BAC stock was able to rise above short-term resistance at $27.50, but it's still a hot mess. The crisscrossing moving average confirms BAC's inability to carve out a sustainable trend this year. It now sits in the middle of its range, giving little clarity to bulls or bears. That said, with the broader market in bull mode and the stock now turning higher, the path of least resistance is likely up.On the options trading front, calls outpaced puts by a slim margin. Activity swelled to 182% of the average daily volume, with 476,135 total contracts traded. Calls accounted for 57% of the session's sum.Implied volatility dripped to 27% placing it at the 24th percentile of its one-year range. Premiums are pricing in daily moves of 49 cents or 1.7%.As of this writing, Tyler Craig held bullish positions in TWTR. Check out his recently released Bear Market Survival Guide to learn how to defend your portfolio against market volatility. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Deeply Discounted Energy Stocks to Buy * 7 Stocks to Buy In a Flat Market * 10 Stocks to Buy to Ride China's Emerging Wealth The post Friday's Vital Data: Lululemon, Twitter and Bank of America appeared first on InvestorPlace.
- InvestorPlace
10 Buy-and-Hold Stocks to Own Forever
[Editor's note: This story was previously published in August 2019. It has since been updated and republished.]Investing to "buy and hold" is trickier than it looks. The increasing pace of technological change means even the most successful, dominant companies have to continually adapt to keep up. Industries like energy, real estate and even consumer products are facing potentially significant long-term changes going forward.In any era, amassing a collection of retirement stocks simply by buying the best companies and holding them for years can be a risky endeavor.InvestorPlace - Stock Market News, Stock Advice & Trading TipsGeneral Motors (NYSE:GM) was a classic "widows and orphans" stock until the last decade when GM wound up going bankrupt. GM shares basically haven't moved in a quarter of a century. United States Steel (NYSE:X) once was a pillar of corporate America and a buy-and-hold stock. Polaroid and Eastman Kodak were once blue-chip stocks. Both went bankrupt as cameras changed from film to digital. * 7 Stocks to Buy In a Flat Market But there still are stocks to buy and hold out there that can last forever, while offering dividend income along the way.Here are ten such retirement stocks to buy and hold forever. Bank of America (BAC)Source: Tero Vesalainen / Shutterstock.com Dividend Yield: 2.56%It might seem strange to open the list with Bank of America (NYSE:BAC). After all, we're only a bit more than a decade on from the financial crisis.During that crisis, BofA acquisition Countrywide Financial blew up in spectacular fashion, after pioneering many of the risky tactics that led to the bubble and subsequent bust.But this is a different BofA.Net consumer charge-offs hit a decade-long low last year. Its performance on credit metrics is strong. Government regulations have been criticized as slowing growth -- but they've undoubtedly lowered risk as well, even if observers might argue that a better balance is needed. * 7 "Boring" Stocks With Exciting Prospects No less than Warren Buffett is now BofA's largest shareholder, through his Berkshire Hathaway Inc. (NYSE:BRK.A, NYSE:BRK.B). And the Oracle of Omaha is fond of saying that his favorite holding period is "forever."That seems likely true for BAC stock as well. Diageo (DEO)Dividend Yield: 2.07%Change has come to the alcohol industry, with the number of breweries exploding worldwide and new distilleries popping up as well. The brands owned by Diageo (NYSE:DEO) are well-positioned to adapt to shifting tastes.Diageo owns classic brands like Johnnie Walker whiskey, Tanqueray gin, Smirnoff vodka, and Harp and Guinness beer, among many others. What most have in common is a timeless quality and worldwide brand recognition.As a result, while beverage giants like Coca-Cola (NYSE:KO) and Anheuser Busch InBev (NYSE:BUD) have struggled with earnings growth, Diageo grew net income by 13.5% in fiscal 2018 and expects consistent growth going forward.Yet with a trailing multiple of 26.5, and with a dividend yield of 2%, Diageo stock isn't all that dearly valued. Long-term investors would do well to own DEO and perhaps use the dividends to buy a bottle or two of fine whisky. Medtronic (MDT)Source: JHVEPhoto / Shutterstock.com Dividend Yield: 2.11%In this day and age, the U.S. healthcare market, in particular, seems potentially volatile. Concerns about increased spending and political battles over the Affordable Care Act create more questions than answers.But even with that uncertainty, Medtronic (NYSE:MDT) isn't going anywhere. The company's devices are an integral part of modern medicine, ranging from pacemakers to stents to bone grafts to imaging systems.Even the risks involved in the sector look priced into MDT. Medtronic's days of double-digit annual growth may well be behind it, but it's not finished increasing earnings or dividends. MDT stock likely isn't finished rising, either. * 7 A-Rated Stocks to Buy Under $10 NextEra Energy (NEE)Source: Shutterstock Dividend Yield: 2.27%Utility stocks are among the most common safe, buy-and-hold stocks. NextEra Energy (NYSE:NEE) is now the largest electric utility in the U.S. by market capitalization. That might actually be the only problem with NEE stock.NextEra shares gained 24% year-to-date, and trades just off record highs. Potential valuation concerns aside, NextEra looks like a winner. It serves customers in the southern Florida region, still one of the nation's fastest-growing areas.A 22.6 forward P/E multiple is high for the space but not outlandishly so. And a 2.37% dividend yield provides income along the way.Investors looking for value in the space might look for a smaller play like cheaper Dominion Energy (NYSE:D). But it's usually worth paying for quality, and NextEra Energy looks like one of the best utility stocks out there. McCormick & Company (MKC)Source: Shutterstock Dividend Yield: 1.39%McCormick & Company (NYSE:MKC) is another quality company whose valuation might spook some investors. But MKC stock very rarely is offered cheaply.The company's market leadership in spices and seasonings provides both an impressive moat and protection against economic downturns. MKC stock did dip after the company acquired French's mustard and Frank's RedHot sauce from Reckitt Benckiser (OTCMKTS:RBGLY) at a price that looked a bit high to many investors. But MKC has recovered those gains and then some.Top-line growth for McCormick likely isn't going to be explosive, but it will be steady. The same has been true of MKC stock, which has returned an average of 13% a year over the past decade, including dividends. * 10 Companies Using AI to Grow With continuous cost-cutting initiatives, the contribution from the acquired brands and organic growth (and growth in organic products), MKC still should be able to provide double-digit annual returns going forward as well. Allstate (ALL)Source: Shutterstock Dividend Yield: 1.92%Allstate Corp (NYSE:ALL) long has used the tagline, "You're in good hands," and it's true for Allstate investors as well.ALL stock has almost quadrupled from late-2011 lows. And there could be more upside to come. After all, Allstate isn't particularly expensive, trading at a 14 P/E.Once any short-term worries subside, ALL should resume its march upward. International Flavors & Fragrances (IFF)Source: Shutterstock Dividend Yield: 2.62%International Flavors & Fragrances (NYSE:IFF) is a company most consumers encounter every day without knowing it and many investors aren't exactly hip to it, either.As its name suggests, the company develops flavors & fragrances across 13 categories, including cosmetics, perfumes, beverages and sweet flavors. Sales and earnings have increased consistently and so has IFF's share price. At a 53 P/E, IFF does look a bit pricey. But, as with McCormick and other stocks on this list, investors should pay for quality. * 7 Tech Industry Dividend Stocks for Growth and Income IFF's hidden, but key role, in so many industries, gives it a great deal of protection against both competition and macro factors. Acquisitions and a growing cosmetic additive business both provide room for growth.Consumers may not know IFF, but investors should. Lamb Weston (LW)Source: Shutterstock Dividend Yield: 1.11%Lamb Weston (NYSE:LW) was spun off from Conagra Brands (NYSE:CAG) last year. Lamb Weston is the No. 1 potato producer in the United States. In fact, it manufactures the well-known fries at McDonald's (NYSE:MCD), among other restaurant chains.Lamb Weston also has a consumer business (including a small segment that manufactures frozen vegetables), while serving restaurants of all sizes. Health concerns might seem a long-term headwind against the business, but growth has been steady for years, and margins continue to improve.LW is targeting international markets for growth, as French fries have much more limited penetration, while international audiences generally are intrigued by Americanized products.Despite growth and leading market share, LW stock isn't particularly cheap, trading at about 19 times next year's earnings. The company did pick up a fair amount of debt in the CAG spinoff. But it's paying that debt down, which should lower interest expense and boost cash flow going forward.With many similar stocks trading at much higher multiples, LW seems to have room for upside. And international growth should offset any health-related concerns in the U.S., should they arise. America's love affair with French fries isn't going to suddenly end, and that should ensure years of stability for Lamb Weston at least. Fortune Brands (FBHS)Source: Shutterstock Dividend Yield: 1.71%Investors are commonly advised to diversify their portfolio. Fortune Brands Home & Security (NYSE:FBHS) has done just that.The company operates in four segments: Cabinets, Plumbing, Doors, and Security. Among its well-known brands are Moen in plumbing, and MasterLock in security.FBHS is more of a cyclical stock than most on this list, and the company no doubt has benefited from the steady if slow, housing recovery in the U.S.But the company's products also generate relatively stable replacement demand, and a 1.6% dividend yield provides modest, but growing, income. * 7 Deeply Discounted Energy Stocks to Buy Fortune Brands has been an impressive company since its founding and a solid stock since its 2011 IPO. There may be a bit more volatility here, but that's a worthwhile price to pay for long-term investors. There's enough value in Fortune Brands to ride out any market jitters. Republic Services (RSG)Source: Shutterstock Dividend Yield: 1.82%Republic Services (NYSE:RSG) is a bit smaller and likely a lot less well-known than rival Waste Management (NYSE:WM). But in this case, that's not necessarily a bad thing.Republic Services has outgrown its larger competitor in both sales and earnings over the past five years. RSG stock has modestly outperformed WM over the same period as well. Investors appear to believe that will continue, as Republic Services is valued a bit higher than Waste Management, at least based on forward earnings multiples.Both RSG and WM are solid long-term plays. Contracted revenue and steady demand should support both companies for years to come. There's room for further acquisitions in a relatively fragmented space. Republic Services gets the nod here due to slightly better growth and more room for margin improvement.But investors looking for safe, stable growth can't go wrong with either RSG or WM.As of this writing, Vince Martin was long MKC. More From InvestorPlace * 4 Top American Penny Pot Stocks (Buy Before June 21) * 7 Value Stocks to Buy for the Second Half * 7 Hot Stocks to Buy for a Seemingly Sleepy Summer * 6 Chip Stocks Staring At Big Headwinds in 2019 The post 10 Buy-and-Hold Stocks to Own Forever appeared first on InvestorPlace.
- American City Business Journals
Why Cathy Bessant sees technology making a bigger impact at Bank of America
Cathy Bessant, chief operations and technology officer at Charlotte-based Bank of America Corp., oversees 95,000 employees and contractors across the globe. She will share her expertise as the keynote speaker at the Charlotte CIO of the Year ORBIE Awards
- American City Business Journals
The Fed's major new payment-tech project will be run out of Boston
Boston Fed official Ken Montgomery, the project's leader, spoke with the Business Journal about his hiring plans, the benefits in store for local businesses, and going head-to-head with the world's biggest banks.
- GuruFocus.com
Strategic Value Investing: Warren Buffett
The student built on his teacher’s knowledge to modernize value investing and establish an outstanding record Continue reading...
- InvestorPlace
5 Top Stock Trades for Friday: BAC, TWTR, NVDA, BB, MDB
What an explosive day it was on Wall Street. Equities rocketed higher on Thursday, bursting U.S. stocks out of the choppy trading range that's been plaguing the market for more than a month now. Let's look at a few top stock trades going into the last day of the holiday-shortened trading week. Top Stock Trades for Tomorrow 1: Bank of AmericaBank of America (NYSE:BAC) was a top stock trade of ours last month -- and for good reason. The stock was presenting an excellent risk/reward as it traded into range support near $26.25.InvestorPlace - Stock Market News, Stock Advice & Trading TipsOn Wednesday, shares cleared downtrend resistance, but were stuck at the 20-day moving average. On Thursday, BofA rallied more than 3%, gapping above the 200-day. * Dorian's Impact on the Markets Shares are struggling with the 50-day moving average, but should BAC hurdle this mark, the top of the trading range, near $30.50, is on the table.There are still risks in the market, but bulls seems to have the advantage when it comes to BAC. The MACD and RSI (blue circles) are both in bulls' favor too. I now want to see if BAC can reclaim the 50-day and $29+ to move higher. On the downside, it would be encouraging to see BAC hold the 200-day moving average as support. Top Stock Trades for Tomorrow 2: TwitterTwitter (NYSE:TWTR) was a more recent top stock trade, as it failed to breakout over resistance earlier this week. However, we told investors that the setup was merely a setback, not a breakdown, as uptrend support (blue line) and the 20-day moving average held as support.Going forward, investors need to see $43 hold as support on any notable pullback and look to see if $46+ is in the cards now that TWTR is pressing $45. Keep in mind, the high is up at $46.90. Top Stock Trades for Tomorrow 3: NvidiaNvidia (NASDAQ:NVDA) and Intel (NASDAQ:INTC) are both moving well on the day, although interestingly, Advanced Micro Devices (NASDAQ:AMD) is struggling to keep up.In any regard, Nvidia is looking to take out its July high. If it can, it puts $190+ on the table, a mark that mostly held NVDA in check in May. Above the May high at $193.06, and Nvidia may rally up to the 50% retracement for the one-year range at ~$208.If $178 to $180 acts as resistance, see that the 20-day and 50-day moving averages, as well as uptrend support, buoys the name. Top Stock Trades for Tomorrow 4: BlackBerryBack in July, we called for a test of the $6.50-ish level in BlackBerry (NYSE:BB) stock. We got that over the last few weeks, giving bulls an A+ setup when it comes to risk/reward.Now rallying, shares are running right into the 10-week moving average. When it comes to BB, keep it simple. Either BlackBerry is able to hurdle the 10-week moving average or it acts as resistance.If it's the former, look for a run up to multi-year downtrend resistance (blue line) and the 50-week moving average. If it's the latter, look to see if $7 buoys the name. Should it fail, $6.60-ish is back on the table. Top Stock Trades for Tomorrow 5: MongoDBShares of MongoDB (NASDAQ:MDB) are down 6% on Thursday, despite beating on earnings and revenue expectations and delivering upside guidance. Bulls must be frustrated by that one, but at least the charts are holding up.Buyers stepped up on a test of uptrend support (blue line), and are keeping it near/above the 20-day and 50-day moving averages. Finally, staying above prior downtrend resistance (purple line) is also a silver lining.While a rally would have been better, there were a lot of small victories to celebrate with Thursday's action. * 7 Stocks to Buy In a Flat Market So what now? Below $140 and the tables turn in bears' favor. However, if bulls can keep MDB over the 50-day moving average, they should be okay. Look to see if MDB can rally up to $165. Over it and $175+ is possible.Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell. As of this writing, Bret Kenwell is long NVDA and BAC. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Deeply Discounted Energy Stocks to Buy * 7 Stocks to Buy In a Flat Market * 10 Stocks to Buy to Ride China's Emerging Wealth The post 5 Top Stock Trades for Friday: BAC, TWTR, NVDA, BB, MDB appeared first on InvestorPlace.
- InvestorPlace
3 Beaten-Down Bank Stocks to Buy and Hold for the Long Term
These are interesting times for the U.S. bond markets. The acronym TINA -- which stands for there is no alternative -- suggests that global money is flowing into the U.S. bond because there truly is no alternative for it abroad. Almost all other bond markets have negative yields.So as a result of increased demand, U.S. bond yields are falling off a cliff and that is wreaking havoc in financial stocks. But therein lies the opportunity. Among the wreckage, JP Morgan (NYSE:JPM), Bank of America (NYSE:BAC), and Goldman Sachs (NYSE:GS) are three beaten-down bank stocks to buy right now for the long term.These bank stocks are the cream-of-the-crop when it comes to us financial institutions. Citigroup (NYSE:C) would have also made the list but I worry about their potential exposure to European financial markets.InvestorPlace - Stock Market News, Stock Advice & Trading TipsJPM, BAC and GS are survivors of the 2008 financial catastrophe. So these management teams have proven that they can navigate through crisis and emerge stronger on the other end.Moreover, this time the crisis is in bank stocks not the actual institutions. Thanks to the regulatory stress tests, we know that all three banks are healthier than ever on their balance sheets. Proof is that they are buying back their own stocks and paying out dividends.So the concern that these are broken companies is wrong. These bank stocks are temporarily hindered by the headlines in the bond market. The Federal Reserve is likely to cut rates several times in the next few months to catch up with the bond market. Fed Chair Jerome Powell has no option but to do that whether he wants to or not.So in theory bank business models will be fine and that the headline fears are exaggerated. In other words JP Morgan, Bank of America and Goldman Sachs stocks will be higher in the future.While buy-and-hold is the traditional way of investing in quality stocks, banks of late have frustrated the masses with their timing. That is why today I shared the method of selling puts to trade them. * 7 Stocks to Buy In a Flat Market Compare these three options setups in JPM, BAC, and GS stocks to buying the stocks here and hoping for a rally. I am more confident that I will profit without any money out of pocket -- and with a big buffer from the current price. This way I can let the risk of headlines work themselves out far away from my position in these bank stocks. JPMorgan (JPM)Consensus among experts is that JPM is the best financial stock. They rarely give investors specific reasons to sell their stock. So it makes sense that if markets are higher, then JPM stock is also higher. On that logic it's a buy right here.But just like all other bank stocks, the rallies for JPM are few and far between. And when they come they don't last. So there is truth in the meme that banks do not hold their greens. This is in spite of them being cheap.So instead of betting on upside potential I'd rather bet on their value. To do that I use the options markets where I can sell JPM puts to generate income. This is ideal in a stock that has value, but also is finding it hard to rally. This describes closely JPM stock and all the rest of the financials today.So in this case, I prefer to sell the December JPM $90 put and collect $1 to open. To win all I need is for JPM stock to stay above my strike this year. If it doesn't, I own the shares at a 18% discount from here and breakeven at $89 per share.Technically, JPM stock chart doesn't confirm the meme. It is in line with the S&P 500 this year. Above $110.70, JPM can rally another $2 from there. Conversely, if the bears push it below $104.3 it can fall to 98 from there. If I own the shares now I'd stop myself at $107.20 but that depends on investor preference. Bank of America (BAC)Similar to JPM, BAC stock is also a high quality stock. Management not only survived the 2008 crash but they also saved other banks along the way. And now BAC stock is a leaner meaner financial institution with hardly any exposure the global financial risks.The BAC stock chart resembles that of JPM so it's also hard to buy and hold for profit unless the investor timeline is more than three years. So here too I prefer to sell puts or spreads to generate income than bet on upside potential.For example, I can sell the BAC $25 January 2020 put and collect almost $1 for it. This way the stock can fall 9% and I can still retain my maximum gains. The worst that could happen is BAC stock fails and I own it at a discount. I accumulate losses until $24.10. * Dorian's Impact on the Markets I chose the BAC $25 level because technically that has been the biggest pivot level for almost three years. In October of 2017 the BAC bulls broke out from it and only lost it temporarily during last year's Christmas crash. Owning BAC stock there leave little risk below and would make a good entry point. Goldman Sachs (GS)Of the three tickers I discussed today, GS stock is my least favorite. This is nothing against the company but it does carry outside headline risk. But this also makes it the bank stock with the most potential profit.Unlike JPM or BAC stocks, GS is still stuck in the middle of the five year range. The other two have already taken 15% leaps higher. Shorter term, I would ideally want to chase GS stock -- but not before it breaches above $206 or $209 per share. Because then they would trigger bullish patterns to retest $220. Once there, GS would then have even more upside opportunities.But, instead of buying shares of GS stock and hoping for this rally to unfold, I can profit while I wait. I sell the GS October $180 put and potentially generate $1.60 per contract in pure profit without any out-of-pocket expense. Doing this would leave me with a 10% buffer from current price. Technically, GS must hold above $193 or it risks retesting the May lows near $180 per share.Nicolas Chahine is the managing director of SellSpreads.com. As of this writing, he did not hold a position in any of the aforementioned securities. Join his live chat room for free here.The post 3 Beaten-Down Bank Stocks to Buy and Hold for the Long Term appeared first on InvestorPlace.
- American City Business Journals
Charlotte pro-bono legal program expanding focus in second year
Charlotte's Triage program designed to train corporate and private practice lawyers for specific pro-bono work starts its second year with more participants and expanding the targeted areas to include efforts that address human trafficking.
- Zacks
Investors Likely to Sue BofA & 4 More for Bond Price Rigging
Investors may sue Bank of America (BAC), Morgan Stanley (MS), Goldman Sachs (GS), Deutsche Bank (DB) and BNP Paribas for conspiring to rig prices on bonds.
- Zacks
BofA to Incur $2.1B Charge in Q3 on Impending JV Termination
BofA's (BAC) joint venture termination plan will result in $2.1 billion charges in the third quarter and hurt capital ratios.
- Investing.com
Bank of America Rises 3%
Investing.com - Bank of America (NYSE:BAC) rose by 3.17% to trade at $28.18 by 09:38 (13:38 GMT) on Thursday on the NYSE exchange.
- Zacks
Bank of America (BAC) Outpaces Stock Market Gains: What You Should Know
Bank of America (BAC) closed the most recent trading day at $27.49, moving +1.63% from the previous trading session.
- American City Business Journals
PHOTOS: Why Bank of America expanded into Lancaster County with first branch
The 3,800-square-foot space in Indian Land features Bank of America's modern design with clean lines and ample natural light.
- GuruFocus.com
Strategic Value Investing: Residual Income Models
Residual income adds an extra line to the income statement and is helpful in calculating the value of financial companies like banks Continue reading...
- InvestorPlace
3 Ways Fintech Is Set to Start Moving JPM Stock Higher
JPMorgan (NYSE:JPM) only has added a little more than 8% so far this year. It's not a great one for JPM stock, but the future looks a lot different than the past for this company.Source: Bjorn Bakstad / Shutterstock.com InvestorPlace contributor Vince Martin recently discussed the pros and cons of buying Bank of America (NYSE:BAC) at its current price-to-book. Meanwhile, JPM has a P/B that's 50% higher. You would think that would make JPM stock much less attractive. Perhaps that's true if you're a value investor. However, the bank's use of fintech to grow its business suggests it deserves a premium valuation. Here are three reasons why. InvestorPlace - Stock Market News, Stock Advice & Trading Tips 1\. JPM's Use of AI for MarketingJPM recently signed a five-year deal with Persado, a software startup that uses artificial intelligence to write marketing copy.Although this is bad news for humans that write marketing copy, the fact is, this kind of thing is ideally suited for artificial intelligence and machine learning. You feed it a bunch of data from marketing campaigns along with the copy used in those campaigns over and over until the computer figures out which words resonate with consumers and which don't. * 7 of the Best Financial Stocks to Buy Now Presto. You save money on your marketing spend, but more importantly, you deliver better results. JPMorgan's test found that Persado's machine learning tool generated better click rates than the copy written by humans. Sometimes, by as much as double. The machine learning tool has over one million words available to it, all scored for emotional appeal, reported Quartz at Work. The tests were so successful that JPMorgan plans to use it for internal communications and for prompting customers to respond to offers, etc. "Persado's technology is incredibly promising," Kristin Lemkau, chief marketing officer at JPMorgan Chase, said in a statement. "It rewrote copy and headlines that a marketer, using subjective judgment and their experience, likely wouldn't have. And they worked."For those who do write ad copy for JPM or other banks interested in using the technology, you can take heart in the fact that Persado's technology will free its marketing and advertising employees to spend time on higher-value strategic thinking. 2\. Payments Business BoomingIt's been almost two years since JPMorgan acquired fintech startup WePay for as much as $400 million. The software company specialized in payment processing platforms for crowdfunding site GoFundMe and many others. At the time of the purchase, it wasn't certain whether JPM would operate the business as a separate entity, provide payment processing services to the bank's 4 million small and medium-sized businesses (SMBs), or connect its legacy banking with Silicon Valley innovation. It seems that JPMorgan has chosen to keep WePay as a separate company while also integrating it with its 4 million SMBs.Last month, it announced that it had made a strategic investment in FreshBooks, a Toronto-based small business accounting software company with customers in more than 160 countries."Since earlier this year, our 4 million Chase for Business customers have been able to sign up for FreshBooks through our small business marketplace and we've seen lots of demand," said Bill Clerico, Head of SMB Product for Chase Merchant Services and CEO of WePay , the integrated payments business of JPMorgan Chase. "Helping software companies like FreshBooks grow by serving our small business customer base is a key differentiator for us in the fast-growing integrated payments market."While large enterprises are sexier, it's the SMB crowd that will continue to grow the bank's profits in the years ahead. 3\. Healthcare FocusOn May 17, JPMorgan announced that it was buying medical payments technology company InstaMed for more than $500 million. InstaMed, which was founded by two former Accenture consultants, processed more than $94 billion in transactions in 2018, making it a major player in healthcare payments. "One of my favorite stats is approximately 90 percent of all health providers still use paper billing," The bank's head of wholesale payments, Takis Georgakopoulos, said at the time. "What InstaMed has created is both the platform and the network that allows them to simplify and streamline payments across payers, providers and consumers across the ecosystem." While Instamed will be separate from Haven, the non-profit healthcare initiative it formed last year with Amazon (NASDAQ:AMZN) and Berkshire Hathaway (NYSE:BRK.A, NYSE:BRK.B), it's indicative of JPMorgan's level of interest in the healthcare industry and how fintech can deliver greater efficiencies and cost savings. The Bottom Line on JPM StockJPMorgan has an $11 billion annual technology budget. The three fintech initiatives listed above are part of the bank's goal to use technology to help its customers operate more efficient businesses while simultaneously generating higher profits for JPM shareholders.I say it's a win/win for all stakeholders. JPM stock might trade at 1.5 times book but the moves it's making behind the scenes suggest it's worth it. If you're a buy-and-hold investor, JPMorgan stock is a buy. At the time of this writing Will Ashworth did not hold a position in any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Best Tech Stocks to Buy Right Now * 10 Mid-Cap Stocks to Buy * 8 Precious Metals Stocks to Mine For The post 3 Ways Fintech Is Set to Start Moving JPM Stock Higher appeared first on InvestorPlace.
- Financial Times
Apple taps bond market for first time since 2017
Apple led another bumper day for bond sales on Wednesday, returning to the market for the first time since 2017 and taking advantage of a dramatic decline in corporate borrowing costs. Simon Property Group sold $3.5bn, health insurer Anthem* issued nearly $2.5bn and Coca-Cola offered $2bn, according to Bloomberg data and people familiar with the deals.
- InvestorPlace
Bank of America Looks Poised for Sluggish Earnings and Margin Compression
Bank of America (NYSE:BAC) stock has remained largely sideways in the last 12 months. In mid-August, the company's chief executive officer told Bloomberg, "We have nothing to fear about a recession right now except for the fear of recession." I think BAC stock investors have reason to fear.Source: Tero Vesalainen / Shutterstock.com Be it actual recession in the coming quarters or a meaningful slowdown, Bank of America stock is headed lower. This coverage will discuss the downside catalysts with focus on the net interest income margin trend and potential decline in credit growth. Undeniable Economic SlowdownThere is little doubt that the United States is witnessing decelerating economic growth.InvestorPlace - Stock Market News, Stock Advice & Trading TipsThe spread between 2- and 10-year Treasury yield has slipped below zero for the first time since 2007. This is one of the reliable recession indicators.The trade war has exaggerated the growth stress and the impact will be felt in the coming quarters. Further, renewed expansionary monetary policy by the Fed is another clear sign of an economic downturn.Further, three out of every four economists surveyed by the National Association of Business Economics predict recession by 2021. * 7 Tech Industry Dividend Stocks for Growth and Income Overall, there are fears of recession, but a meaningful slowdown is a certainty. This will hit the BAC stock price in the next six-12 months. Household Deleveraging Will Hit Revenue GrowthIt is worth noting that the total household debt balance in the U.S.has cross the peak of 2007-08. With total debt at $13.86 trillion as of second quarter, consumers are more leveraged as compared to pre-crisis levels.I am of the opinion that a meaningful slowdown or recession for the United States will translate into another phase of deleveraging by consumers.The consumer confidence in the United States still remains at elevated levels, but I believe that there will be more caution on leveraging as we see strong recession indicators.The direct impact for Bank of America is likely to be on total revenue growth in the quarters to come. It's worth noting that year-on-year growth in consumer loans was 7% in Q2 2017, 5% in Q2 2018 and 4% in Q2 2019. There is a clear downtrend and I expect further weakness in the consumer loan segment. Net Interest Income Margin Will ShrinkAn important negative catalyst for Bank of America stock is potential compression in net interest income margin.The Federal Reserve is back to pursuing expansionary monetary policies and further rate cuts are likely, perhaps as soon as the March meeting.This will impact the net interest income margin, which is the lending minus financing cost.Bank of America's net interest income has already peaked out in Q4 2018 at $12.5 billion. It declined to $12.4 billion in Q1 2019 and $12.2 billion in Q2.The net interest yield (excluding global markets) has declined from 2.52% in Q4 to 2.44% in Q2 this year. I expect the decline in NII and margin compression to continue and this will negatively impact BAC stock. Strong Fundamentals to Navigate SlowdownI am bearish on the BAC stock price as revenue growth is likely to be subdued and margin compression is already underway.However, unlike the crisis of 2008-09, Bank of America is well positioned to navigate the slowdown or recession.The 2019 Dodd-Frank Act stress test indicates that capital ratios will remain relatively healthy under a stressed scenario. As a matter of fact, the entire U.S. banking system is well positioned to face economic headwinds. * The 8 Worst Stocks to Buy Before the Trade Turmoil Cools Off To be sure, BAC stock might trend lower as margin compression factor is discounted. But the decline would be an opportunity to accumulate the stock as fundamentals remain strong. With consumption likely to remain the key driver of U.S. economic growth, I expect renewed credit growth after a phase of deleveraging by households. Final Thoughts on BAC Stock PriceThe largely sideways movement in BAC stock is likely to be followed by a relatively sharp movement on the downside.If the stock does correct by 10% to 15% from current levels, it would be a good buying opportunity. For now, the recession fear will dominate the stock trend.In addition, sustained expansionary monetary policy can depress the stock as lending and financing cost gap narrows.As of this writing, Faisal Humayun did not hold a position in any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Best Tech Stocks to Buy Right Now * 10 Mid-Cap Stocks to Buy * 8 Precious Metals Stocks to Mine For The post Bank of America Looks Poised for Sluggish Earnings and Margin Compression appeared first on InvestorPlace.
- Bloomberg
Warren Ups Her Climate Plan Ante to $3 Trillion: Campaign Update
(Bloomberg) -- A trillion here, a trillion there.Senator Elizabeth Warren on Tuesday night proposed spending $1 trillion for “decarbonizing our electricity, our vehicles, and our buildings.” That, she said on Twitter, was “on top of the $2 trillion I’ve already committed to green research, manufacturing, and exporting. We’ll create millions of jobs and achieve the goals of the GreenNewDeal.” In her latest plan, she said that her decarbonization goal was based on a proposal by Washington State Governor Jay Inslee, who has left the Democratic presidential race.With the top candidates about to take part in a Wednesday CNN town hall on climate change, most have put forth sweeping plans that would transform the U.S. economy. Yet the proposals would be enormously expensive, and their authors have come under scathing criticism from conservatives over the costs. Mike McKenna, a GOP energy strategist and pollster, said the plans were a “tremendous gift” to Republicans.Warren, in her climate change proposal, acknowledges that “with a commitment of this size, we must ensure that we use taxpayer dollars as efficiently as possible.”Stock Market Declines During Trump Tweet Storms (5:44 P.M.)New research proves that President Donald Trump can move markets with his tweets – just not always in the direction that he wants.The S&P 500 declines by an average of 9 basis points (0.9%) on days when Trump posts on Twitter more than 35 times, according to an analysis by Bank of America Merrill Lynch. On days he has only five posts or fewer, the index goes up an average of 5 basis points (0.5%).“Trade talk, political campaigning and tweets have contributed to volatility, from China to Fed policy to tax policy,” according to the analysis. “Tread cautiously.”One recent example of Trump-driven volatility: Aug. 23, when the S&P 500 declined 2.6%. Trump posted 39 tweets that day, according to the Trump Twitter Archive, including one in which he purported to order American companies doing business in China to look elsewhere.Trump later jokingly blamed the decline on Representative Seth Moulton dropping out of the race for the Democratic presidential nomination. -- Gregory KorteSanders Is Too Far Left for Some Liberals (4:50 p.m.)Half of self-described liberals say Bernie Sanders is too far to the left to get elected president, according to a new Harvard-Harris online poll.The survey results put the avowed democratic socialist on the far end of the Democratic presidential field. Elizabeth Warren, who agrees with some of Sanders’ major policy proposals, is deemed too far left by 33% of liberals, and Kamala Harris by 32%.Among other results:52% of all voters say Joe Biden is too old to be president.71% of all voters — and 55% of Republicans — say President Donald Trump should stop tweeting.42% of Republicans and Republican-leaning independents say they consider themselves to be Trump supporters more than supporters of Republicans generally.The Harvard-Harris poll was conducted online Aug. 26-28 with a weighted sample of 2,531 participants. -- Gregory KorteSteyer-Funded Group Targets Lawmaker (3:00 p.m.)A group largely funded by Tom Steyer has been running ads for several months criticizing Democrats for not starting impeachment proceedings. But its latest spot might ruffle a few feathers.Need to Impeach is running a Facebook ad targeted at Pennsylvania Representative Conor Lamb, as first reported by Politico.“18,287 Pennsylvanians in District 17 are demanding the impeachment of Donald Trump,” the ad reads. “Congressman Lamb -- are you with us?”A Democrat, Lamb drew attention by winning a Republican district in 2018. Although he’s in a newly redrawn congressional district, it remains competitive, with the nonpartisan Cook Political Report ranking it as Republican-leaning by 3 percentage points.The ad was criticized by Neera Tanden, president of the Center for American Progress, a liberal research group. “Running ads against Conor Lamb who won a Republican district is dumb,” she tweeted. “There’s an inquiry into whether to impeach in the Judiciary Committee. There’s no House vote before then.”Steyer stepped down from Need to Impeach in July when he decided to run for president. -- Ryan Teague BeckwithWarren Says Wealth Tax Plan Isn’t a Cranky Idea (05:30 a.m.)Elizabeth Warren says she’s for a wealth tax -- but not because she’s cranky.At an event in Hampton Falls, New Hampshire, the Massachusetts senator gave her standard stump speech to a crowd of 800 people who stuck around despite heavy rain stayed even for her trademark selfie line.“I’m not proposing a wealth tax because I’m cranky. No. I’m not,” Warren said. “Some of these guys say I worked hard, I had a great idea...So this is mine. And the answer is yeah you did, good for you. You did have a good idea, no one’s angry about that. But here’s the deal: you built a great fortune here in America, I guarantee you built it at least in part using workers all of us helped pay to educate.”About 800 people attended the event and weren’t discouraged by the heavy rains.Those who lined up for a selfie were rewarded for their perseverance with sangrias distributed by the event organizers. -- Misyrlena EgkolfopoulouBiden Pledges to Be Labor’s Best Friend in White HouseIn between hugging supporters and serving ice cream, Joe Biden spent Labor Day in Iowa seeking to convince union members that he is their strongest ally in the Democratic field“If I end up being your nominee and win this election, you will never have a better friend in the White House than Joe Biden for unions,” Biden, the Democratic front-runner, said at a Labor Day picnic in Iowa City on Monday.Biden also visited the Hawkeye Area Labor Council Labor Day Picnic in Cedar Rapids on Monday where he shook hands, smiled for photos and served ice cream to union members and their families.Biden was joined at the picnic by several rivals for the nomination: Senators Amy Klobuchar, of Minnesota, and Michael Bennet, of Colorado, as well as Montana Governor Steve Bullock and South Bend, Indiana, Mayor Pete Buttigieg.Biden has a long history of strong union support and is hoping the unions will be a key mobilizing force for him throughout the nominating cycle. The International Association of Fire Fighters quickly endorsed Biden after he announced his campaign in April.However, many prominent labor groups have delayed endorsing a candidate, as they wait for the historically large field to dwindle. -- Tyler PagerCOMING UPClimate change takes center stage at a CNN town hall on Sept. 4. The Democratic National Committee has rejected demands from climate activists and several candidates for a party-sponsored debate solely on that issue.Biden, Warren and Bernie Sanders, along with most of the other Democratic candidates, are expected to attend the New Hampshire Democratic Party State Convention in Manchester on Saturday, Sept. 7.(A previous version was corrected to reflect that the sangria mentioned in the Warren item came from event organizers, not her staff.)\--With assistance from Misyrlena Egkolfopoulou, Ryan Teague Beckwith and Gregory Korte.To contact the reporter on this story: John Harney in Washington at jharney2@bloomberg.netTo contact the editors responsible for this story: Wendy Benjaminson at wbenjaminson@bloomberg.net, Max Berley, John HarneyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Zacks
Manufacturing Sector Contracts, Spurring Global Economic Fears
The US manufacturing sector contracted last month for the first time in three years.
