28.21 +0.03 (0.11%)
After hours: 7:56PM EDT
|Bid||28.21 x 800|
|Ask||28.19 x 2200|
|Day's Range||28.04 - 28.60|
|52 Week Range||22.66 - 31.91|
|Beta (3Y Monthly)||1.49|
|PE Ratio (TTM)||10.80|
|Forward Dividend & Yield||0.60 (2.09%)|
|1y Target Est||N/A|
Stocks finished Wednesday with a downward bias following Federal Reserve Chairman Jerome Powell’s well-polished presentation to headline-seeking journalists Wednesday afternoon.
Such a hire would mark a dramatic departure for Wells Fargo, which has long preferred to promote from within.
S&T; Bank's search for office space in downtown Buffalo has ended at the Brisbane Building, where the Pennsylvania-based lender will operate a loan production site.
Volatility seized Wall Street following Wednesday's Fed announcement. But it was bank stocks that bore the brunt of the damage, which is unfortunate. Many of these money centers were just starting to emerge from well-established bases that could have supported their next up-leg.So much potential wasted.As expected, the Fed held the target for the benchmark rate steady at 2.25% to 2.50%. Furthermore, Jerome Powell and crew indicated that they wouldn't be raising rates any further for 2019. In fact, the next move could be a rate cut. With rates potentially at their peak for this cycle and future GDP growth projections getting slashed, investors jettisoned financial stocks from their portfolios throughout the afternoon.InvestorPlace - Stock Market News, Stock Advice & Trading TipsThe Regional Bank ETF (NYSEARCA:KRE) was hit especially hard, falling 3.4% amid massive distribution. Relative weakness continues this morning with most banks in the red while the rest of the market is ripping. * 5 Stocks To Buy for the Happiest Employees Let's take a closer look at three bank stocks that are suffering. You should avoid two of them while buying the third. Click to Enlarge Source: ThinkorSwim Bank of America (BAC)Yesterday's swoon upended what was otherwise a beautiful breakout in the making for Bank of America (NYSE:BAC) -- and other bank stocks. Here's my technical take. Since gapping higher mid-January on better-than-expected earnings, BAC stock built a clean two-month base. But with the break attempt now rejected, we've returned to the chop zone.Thus far this morning's testing of the range's lower bound is holding, and that's a good thing. Bulls do not want to see a close below $28 support.Until BAC can clear the ceiling at $29.80, it's dead money, so steer clear. Click to Enlarge Source: ThinkorSwim Goldman Sachs (GS)This year's behavior in Goldman Sachs (NYSE:GS) has mirrored that of BAC. I'm tempted to copy/paste my previous commentary. Mid-January earnings gap. Two-month base. Failed breakout. Back to chop. That sums up the price action. Yesterday's drop and this morning's follow-through carried GS stock back below its 50-day moving average. We're in no man's land here. * 10 Stocks on the Rise Heading Into the Second Quarter Until GS can re-establish itself above $200 -- stay away. For you bears on the prowl, there's a decent short trade if Goldman breaks $189 support. Click to Enlarge Source: ThinkorSwim American Express (AXP)While the weakness in most banks stocks is a sign to steer clear, I'm finding the drop a welcome development in the credit card space. American Express (NYSE:AXP) was flying high -- it was extended, in fact -- and due for a retracement. Yesterday's Fed shenanigans gave traders the excuse needed to ring the register. And now, we have an attractive buy-the-dip opportunity on our hands.This morning's gap into the rising 20-day moving average was swiftly bought up, and AXP stock is forming a strong bullish piercing candlestick pattern.Buy the May $110/$115 bull call spread for around $2.40. The risk is limited to $240, and the reward is limited to $260.As of this writing, Tyler Craig didn't hold a position in any of the aforementioned securities. 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 Specialty Retail ETFs to Buy the Industry's Disruption * 5 Stocks To Buy for the Happiest Employees * 3 Out-of-Favor Consumer Stocks to Buy Compare Brokers The post 3 Bank Stocks Whacked Down by the Fed appeared first on InvestorPlace.
Financial stocks fell Friday, and were the only sector of the S&P 500's 11 sectors to be losing ground, as Treasury yields extending declines amid growing concerns of a slowing economy. The SPDR Financial Select Sector ETF declined 0.4%, and has now lost 3.2% amid a 3-session losing streak. Among some of the financial ETF's most heavily weighted components, shares of J.P. Morgan Chase & Co. fell 1.8% to pace the Dow Jones Industrial Average's decliners, Bank of America Corp. shed 1.4%, Citigroup Inc. slid 1.0%, Goldman Sachs Group Inc. gave up 0.3% and Wells Fargo & Co. lost 1.2%. Meanwhile, the yield on the 10-year Treasury yield declined 1.4 basis points to a 14-month low of 2.451%, in the wake of the Federal Reserve's dovish message, in which the central bank cut its outlook for economic growth and inflation, as well as its projections for interest-rate hikes to none from two. Lower Treasury yields can hurt bank profits, as they narrow the spread between what banks earn on longer-term assets, like loans, that are funded by shorter-term liabilities.
Financials are in a funk. There is one name in the group that is setting up for a breakout, though, according to Todd Gordon of TradingAnalysis.com.
The Dow was flat by 9:42 AM ET (13:42 GMT), while the S&P; 500 gained 1 point, or 0.1%, and the tech-heavy Nasdaq composite rose 13 points, or 0.18%.
Brazilian power company Neoenergia SA has picked the investment banking units of JPMorgan Chase & Co, Bank of America Corp and Banco do Brasil SA to manage its initial public offering, three people familiar with the matter said on Wednesday. Other banks may still join the group managing the IPO, added one of the sources, who asked for anonymity to discuss the plans openly. Neoenergia, JPMorgan, Bank of America and Banco do Brasil declined to comment.
Investing.com - The Dow ended lower as it struggled to hold gains after the Fed's unchanged rate decision and strong signal not to expect many interest-rate hikes for a while.
Citigroup (C) is penalized with $25 million by the regulator for denying benefits to clients due to improper internal controls in its mortgage relationship pricing program.
(Removes extraneous word from second paragraph) By Kane Wu HONG KONG, March 20 (Reuters) - Bank of America Merrill Lynch Corp has appointed Mark Schwille and Tom Barsha as co-heads of its Asia Pacific ...
Bank of America (BAC) closed at $29.65 in the latest trading session, marking a -0.57% move from the prior day.
Target Hospitality Began Trading Monday on Nasdaq What’s the key to listing through a SPAC, or blank-check company? We asked Target Hospitality CFO Andy Aberdale following the formal re-listing of the company (Nasdaq ticker: TH) after the merger of Target Lodging, Signor Lodging, and Platinum Eagle Acquisition Corp. The latter was a SPAC that raised […]
Warren Buffett has a clear investing mantra: He likes value, and he likes holding on for the long term. The tactic has worked out well. Since Buffett took the reins of Berkshire Hathaway (BRK.B) in 1964, through the end of 2018, his stock has delivered an annual return of 20.5% that more than doubled the Standard & Poor's 500-stock index.Indeed, as the Oracle of Omaha famously told investors, his favorite investing period is "forever." This message reappeared in the hedge fund guru's most recent annual letter. In describing the fund's current portfolio of stocks, Buffett wrote, "In all likelihood, we will hold most of these stocks for a long time."The 88-year old continued, "My expectation of more stock purchases is not a market call. Charlie and I have no idea as to how stocks will behave next week or next year. Predictions of that sort have never been a part of our activities. Our thinking, rather, is focused on calculating whether a portion of an attractive business is worth more than its market price."That said, times change, and so do investing theses. Buffett has exited positions before, and will continue doing so when it makes sense - sometimes very quickly. For instance, Berkshire recently announced that it had exited its position in Oracle (ORCL) during the fourth quarter - a position it had initiated just one quarter earlier! That's an exception to the norm, but the point is some Buffett stocks are destined to be around longer than others.With this in mind, we delved into Berkshire's portfolio and found five Warren Buffett stocks that seem likely to stick around for the long term. SEE ALSO: The 25 Best Blue-Chip Stocks to Buy Now (According to Hedge Funds)
To receive further updates on this Bank of America (NYSE:BAC) trade as well as an alert when it's time to take profits, sign up for a risk-free trial of Strategic Trader today.This morning, we're recommending a bullish trade on Bank of America (NYSE:BAC). We've successfully sold puts on BAC before, and with the recent tailwind from mergers an acquisitions activity in the banking sector, we think it is a good time to do it again. Strong Earnings Earlier This YearBAC had been consolidating in a range between support at ~$28 and resistance at ~$29.70 since the company surprised traders, who sent the stock jumping higher, with its better-than-expected earnings announcement on Jan. 16.InvestorPlace - Stock Market News, Stock Advice & Trading TipsThe company beat revenue expectations by $390 million and earnings expectations by $0.07 per share -- coming in at $22.74 billion and $0.70 per share, respectively -- thanks to aggressive cost control measures and strong consumer banking growth.Management threw more bullish fuel on the fire and helped the stock confirm its support level on Feb. 8 when it announced it would be adding $2.5 billion to the company's $20 billion share buyback program. That money will be used by the end of June.These announcements -- coupled with a bullish equity environment on Wall Street and a strong U.S. economy -- helped BAC shrug off concerns that the company, along with all other major financial institutions, could be negatively impacted by falling yields and a tightening net interest margin.We took profits and exited our last bullish put write on BAC because of the volatility we were experiencing on Wall Street during the past two weeks. We were concerned BAC may drop back down below our strike price before the week was over, and taking some profits off the table -- as opposed to taking on the risk of being put shares of BAC -- seemed preferable.Now, BAC option premium is inflated in the run up to the Federal Reserve's Federal Open Market Committee (FOMC) meeting, and that makes it a good time to collect extra income. Rising Above $29.70If we look at BAC's daily chart, we see that the stock broke above resistance at around the $29.70 level. This is a positive sign for a stock we already like from a fundamental perspective.Daily Chart of Bank of America (BAC) -- Chart Source: TradingViewAs we mentioned above, option prices are currently a little inflated but should come back down again after the Fed's FOMC report on Wednesday afternoon. Inflated premiums are good for us as option sellers, and added to the momentum from yesterday's breakout, we believe this is a good week to reopen some exposure to the stock.To find out what BAC puts we're selling -- and to get access to our full portfolio of income-generating trades -- consider signing up for risk-free trial subscription to Strategic Trader today. InvestorPlace advisers John Jagerson and S. Wade Hansen, both Chartered Market Technician (CMT) designees, are co-founders of LearningMarkets.com, as well as the co-editors of Strategic Trader.Follow our Facebook page to receive each Trade of the Day direct to your News Feed -- and join the conversation.Compare Brokers The post BAC is Broke Above its 2019 Resistance appeared first on InvestorPlace.
Picking up where they left off last week, the bulls logged another gain on Monday. The S&P 500's close of 2,832.94 yesterday was the best close since early October, though volume was suspiciously light.General Electric (NYSE:GE) led the way with a 2.4% gain, continuing a recovery driven by faith that a bigger-picture turnaround from the company is brewing. Bank of America (NYSE:BAC) wasn't far behind with its 1.8% advance, however, pushing it well past a hump discussed in detail late last week.Facebook (NASDAQ:FB) proved to be the biggest drag. Shares of the social networking giant fell 3.3% mostly thanks to a downgrade from Needham. Analyst Laura Martin is concerned that changes to the company's business model could crimp earnings. Martin also noted the adverse impact of what's quickly becoming a mass exodus of senior-level executives.InvestorPlace - Stock Market News, Stock Advice & Trading TipsHeaded into Tuesday's trading action, however, it's the stock charts of Invesco (NYSE:IVZ), Fidelity National Information Services (NYSE:FIS) and Gap (NYSE:GPS) that are worth the closest looks. Here's why, and what to look for. Fidelity National Information Services (FIS)With nothing more than a quick glance it would be easy to jump to a bullish conclusion about Fidelity National Information Services, or as it's more commonly called, FIS. The 50-day moving average line has crossed back above its 200-day moving average line as of the end of last week, and it hit a new multiyear high yesterday. * 7 Small-Cap Stocks That Make the Grade In many regards, though, the one thing more alarming than losing ground is a failed breakout thrust. That's what we saw take shape with FIS stock on Monday, leaving traders with a tough choice to make, and soon. Click to Enlarge • The volume surge from Monday stems from news surrounding the recently-announced acquisition of Worldpay that Fidelity intends to make. Investors initially loved the idea, buying in earnest. That optimism quickly faded though, turning into a "sell the news" event.• Regardless of the underpinnings, if this is indeed a "sell the news" minded response, yesterday's action serves as a potential pivot.• That pivot will only be complete, however, if we see a close below the gray 100-day moving average line sometime this week. Gap (GPS)In the same vein as the FIS chart, shares of Gap have just gone through a volatile shakeup that actually clears the deck for some more meaningful movement. But, GPS is much further along in the process, and ultimately positioned to move in a bullish rather than a bearish direction. And, like Fidelity National, there's a little more work that needs to be done to seal the deal. Click to Enlarge • The big bullish move from early March was impressive, but clearly not built to last. Two weeks later, the gap had been closed (for the better).• Friday's bar is telling … the shape of it in particular. Though the stock closed at a loss for the day, it also closed well off the low for the day. The intraday reversal on high volume suggests the buyers were starting to wade back in.• A close back above the 100-day moving average line, plotted in gray, would cement the second wave of the recovery effort in place. Invesco (IVZ)Back on Feb. 26, Invesco was featured as a breakout candidate. Straight-line resistance had been snapped, and a key moving average line was on the verge of being hurdled. An upside-down head and shoulders pattern was even near completion.All of that has played out as suggested, even if the rally took a breather a couple of weeks ago. The advance since then has confirmed and renewed that rebound work. But, for traders that didn't step in then, there remains a great deal of room for more recovery. Click to Enlarge • The head-and-shoulders pattern is evident on both stock charts.• The bears' best shot at quelling the rally effort was preventing the move above last month's high around $19.90, marked with a blue dashed line.• Even with the recent strength, Invesco shares are still down roughly 40% from their early 2014 high, and below their white 200-day moving average line. That's the next most plausible technical resistance.As of this writing, James Brumley did not hold a position in any of the aforementioned securities. You can learn more about James at his site, jamesbrumley.com, or follow him on Twitter, at @jbrumley. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 5 of the Best Stocks to Buy Under $10 * 7 Single-Digit P/E Stocks With Massive Upside * 7 Best Quantum Computing Stocks Trading Today Compare Brokers The post 3 Big Stock Charts for Tuesday: Invesco, Gap and Fidelity National Information Services appeared first on InvestorPlace.
The group, which includes local bad debt buyer Assets Care & Reconstruction Enterprise, bought distressed loans of Jayaswal Neco Industries Ltd., with a face value of 47 billion rupees, said the people, asking not to be identified as they aren’t authorized to speak publicly. Lenders led by State Bank of India sold the debt, taking a haircut of 30 percent on the all-cash deal, the people said. As India battles with the worst non-performing loan ratio among the world’s major economies, foreign investors are vying for a piece of the $190 billion pile of soured and stressed debt.