BAC - Bank of America Corporation
| Previous Close | 28.99 |
| Open | 29.02 |
| Bid | 29.22 x 1800 |
| Ask | 29.25 x 28000 |
| Day's Range | 28.71 - 29.46 |
| 52 Week Range | 22.66 - 33.05 |
| Volume | 95,276,613 |
| Avg. Volume | 75,886,061 |
| Market Cap | 287.556B |
| Beta (3Y Monthly) | 1.65 |
| PE Ratio (TTM) | 13.98 |
| EPS (TTM) | N/A |
| Earnings Date | N/A |
| Forward Dividend & Yield | 0.60 (2.07%) |
| Ex-Dividend Date | 2018-12-06 |
| 1y Target Est | N/A |
- Yahoo Finance Video•3 days ago
‘Trade’ puts pressure on bank earning reports
With the latest earning reports painting a mixed picture of the financial sector, some are worrying about what we could see this year. Managing Director Devin Ryan of JMP Securities says trade put pressure on earning reports. Yahoo Finance’s Alexis Christoforous speaks to him.
- Motley Fool•2 hours ago
3 Bank Stocks That Crushed Earnings Last Week
These three banks delivered expectation-beating fourth-quarter earnings.
- Zacks•3 hours ago
Top and Flop ETFs of Last Week
Inside the best and worst performing ETFs of last week.
- MarketWatch•22 hours ago
Big 5 banks had a tough time trading in volatile markets
When the going gets tough on Wall Street, brokers can lose money too, just like their customers. There’s a scene in the classic 1983 movie “Trading Places,” in which the Duke brothers, played by Ralph Bellamy and Don Ameche, explain to Eddie Murphy’s character Billy Ray Valentine that whether their clients make money or lose money, their brokerage Duke & Duke makes money.
- Markit•2 days ago
See what the IHS Markit Score report has to say about Bank of America Corp.
# Bank of America Corp ### NYSE:BAC View full report here! ## Summary * Perception of the company's creditworthiness is negative * ETFs holding this stock are seeing positive inflows but are weakening * Bearish sentiment is low ## Bearish sentiment Short interest | Positive Short interest is extremely low for BAC with fewer than 1% of shares on loan. This could indicate that investors who seek to profit from falling equity prices are not currently targeting BAC. ## Money flow ETF/Index ownership | Negative ETF activity is negative and may be weakening. The net inflows of $1.60 billion over the last one-month into ETFs that hold BAC are among the lowest of the last year and appear to be slowing. ## Economic sentiment PMI by IHS Markit | Neutral According to the latest IHS Markit Purchasing Managers' Index (PMI) data, output in the Financials sector is rising. The rate of growth is weak relative to the trend shown over the past year, however. ## Credit worthiness Credit default swap | Negative The current level displays a negative indicator. Although BAC credit default swap spreads are decreasing, they are near their highest levels for the past 1 year, which indicates the market's more negative perception of the company's credit worthiness. Please send all inquiries related to the report to score@ihsmarkit.com. Charts and report PDFs will only be available for 30 days after publishing. This document has been produced for information purposes only and is not to be relied upon or as construed as investment advice. To the fullest extent permitted by law, IHS Markit disclaims any responsibility or liability, whether in contract, tort (including, without limitation, negligence), equity or otherwise, for any loss or damage arising from any reliance on or the use of this material in any way. Please view the full legal disclaimer and methodology information on pages 2-3 of the full report.
Yahoo Finance•3 days agoBanks report pressures on loan growth in fourth-quarter earnings
The big banks revealed some slowing loan growth. JPMorgan Chase CEO Jamie Dimon says "we have no problem seeing loan books shrink."
- Zacks•3 days ago
Upcoming Earnings Reports to Watch: IBM, INTC, SBUX
Stocks were surging in Friday morning trading, adding to the week's solid momentum and bucking concerns about mixed results from Netflix (NFLX). Will next week's reports extend this rally? Check out our weekly earnings preview to find out!
- Zacks•3 days ago
Earnings from Netflix & Big Banks, & This Week in Cannabis Deals
Ryan McQueeney and Maddy Johnson discuss earnings results from Netflix and the big U.S. banks. The hosts also remember the legacy of Jack Bogle and chat about several new cannabis industry deals.
- InvestorPlace•3 days ago
Wells Fargo Stock Simply Isn’t Worth Buying Right Now
The best business isn't always the best stock. And even Wells Fargo (NYSE:WFC) bulls would admit that WFC isn't the best business among big banks. The company is still dealing with the aftereffects of a series of scandals that have led Wells Fargo stock to underperform the sector. But that's not necessarily a bad thing. Stocks are valued looking forward, and a business that has struggled -- or that has room to rebound -- can have more opportunity for growth than a company firing on all cylinders. It may seem counterintuitive, but there's a reason investors -- particularly in a bull market -- like turnaround stories. The problem when it comes to WFC stock, however, is that at least some degree of turnaround is priced in. Wells Fargo stock is actually more expensive than many peers. With those peers performing better -- as big bank earnings reports last week proved -- there's no real reason to pay a premium for WFC stock. InvestorPlace - Stock Market News, Stock Advice & Trading Tips ### WFC Stock Gains After Earnings Admittedly, Wells Fargo has had a nice run of late, bouncing 14% off December lows. And the company's Q4 earnings report on Tuesday, while hardly spectacular, appears to be enough to keep the run intact. Relative to consensus, GAAP earnings-per-share beat by a penny, but revenue missed by a reasonably wide margin (about $770 million). WFC stock initially declined after the report, before closing up modestly on Tuesday and then rising in the following two sessions. * 10 Growth Stocks With the Future Written All Over Them But looking closer, this hardly looks like a strong report. Revenue declined almost 5% year-over-year. Average loans in billions were down. Average deposits declined over 3% YOY. Consolidated net income did increase YOY, but thanks solely to a lower effective tax rate. This simply isn't a business that is growing right now, which isn't necessarily a surprise. I argued a year ago that the company's ever-widening scandals meant other bank stocks were much better choices. The weakness YOY in loans and deposits only highlights that problem. Meanwhile, other big banks are doing much better. Bank of America (NYSE:BAC), even with a clear focus on managing risk, increased adjusted revenue 6% in its Q4; adjusted pre-tax income rose 22%. BAC stock soared on the news. JPMorgan Chase (NYSE:JPM) saw its top line grow 4%; loan balances increased across the board. In this economy, Wells Fargo earnings aren't good enough … or close. And that problem isn't going away. ### The Asset Cap Continues The current issue for Wells Fargo is that the Federal Reserve has capped the growth of the company's balance sheet. In that context, the weak loan and deposit growth isn't necessarily a surprise. But the problem is that the cap is going to last longer than expected. Wells Fargo management said on the Q4 conference call that the cap would last throughout 2019, despite past hopes that the company could get out from under sooner than that. That suggests the weak growth seen in Q4, and 2018 on the whole, is going to continue for at least four more quarters. There's another issue as well. At what point does Wells Fargo actually keep a promise? Shareholders went through an endless litany of scandals and missteps; after each one, management insisted there were no more skeletons in the closet. Now, it's taking longer to fix those problems than previously thought. When, exactly, are investors supposed to trust management? * 7 Companies Apple Should Consider Buying ### Stay Away from Wells Fargo Stock These issues might be more acceptable if WFC stock was cheap. The problem is that it isn't. WFC trades at 1.34x book value. BAC is at 1.21x. Goldman Sachs (NYSE:GS), which I recommended earlier this week, trades at barely 1x, even after GS stock soared following a blowout Q4. Citigroup (NYSE:C), another turnaround play, trades at a discount to its book value. The premium that WFC stock receives in terms of both P/B and in some cases price-to-earnings requires that the company make improvements. Yet shareholders have been waiting for years, and they are still waiting. At a certain point, it's simply time to move on. After Q4 earnings, and with Wells Fargo stock off the lows, that time appears to be now. As of this writing, Vince Martin has no positions in any securities mentioned. ### More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Companies Apple Should Consider Buying * 7 Beaten-Up Housing Stocks Due for a Bounce Back * Take Buffett's Advice: 5 Vanguard Funds to Buy Compare Brokers The post Wells Fargo Stock Simply Isn't Worth Buying Right Now appeared first on InvestorPlace.
- Investing.com•3 days ago
Dollar Set to Snap Four-Week Losing Streak amid Trade Optimism
Investing.com – The dollar was set to snap a four-week losing streak against its rivals Friday, on the back of a decline in the Japanese yen. The gains come amid growing investor optimism over a U.S-China trade deal after Chinese officials reportedly offered to boost U.S. imports.
- Zacks•3 days ago
Bank Stock Roundup: Q4 Earnings Season Begins, Wells Fargo, BofA & Citi Top Estimates
Investor sentiment upbeat on banks' Q4 earnings, with the major players displaying top-line strength on the back of higher rates, loan growth and strong financial advisory business.
- InvestorPlace•3 days ago
3 Big Stock Charts for Friday: General Electric, Nike and Wynn Resorts
A tepid start for stocks yesterday didn't last. Hope for an end to the trade stalemate with China led the S&P 500 to a close of 2,635.96, up 0.76% on a move that dragged most indices above key technical resistance. Bank of America (NYSE:BAC) led the charge again, gaining another 1.9% and setting a pace for most other banking and financial stocks. Advanced Micro Devices (NASDAQ:AMD) actually posted the bigger gain though, gaining 2.6%, yet also for no other reason than a potential end to the tariff-driven conflict. A handful of stocks were left out of the rally, however. Morgan Stanley (NYSE:MS), for instance, fell 4.5% after posting surprisingly poor results for its recently-ended quarter. InvestorPlace - Stock Market News, Stock Advice & Trading Tips As has been noted already, the divergence among stocks is actually beneficial, as it makes clear that not every stock is subject to the greater market tide. Stock-specific setups are at least a bit more trustworthy. To that end, take a look at the stock charts of Nike (NYSE:NKE), General Electric (NYSE:GE) and Wynn Resorts (NASDAQ:WYNN), all three of which are dropping hints of brewing, trade-worthy moves. ### General Electric (GE) Last week, General Electric was discussed as a budding rebound candidate that had bumped into a short-term ceiling. Though it was a hurdle that could have been challenging to clear, the undertow was encouraging. * 7 Stocks to Buy as the Dollar Weakens That resistance remained intact for the next several days. As of Thursday, though, the bears flinched and the bulls tipped the scales just enough to merit another look. Click to Enlarge • The ceiling in question is right around $9, plotted with a white dashed line. That line kept the buyers at bay for the better part of a week, but could no longer do so. Thursday's high and close were both above that mark. • The shape of the turnaround is also compelling. Smooth, u-shaped turnarounds tend to result in longer-lived rallies than sharp V-shaped ones do. • Although the buyers are back in charge, there aren't a whole lot of them. The buying volume needs to improve, though it likely will as (or if) GE works its way through the 100-day and 200-day moving average lines. It's going to be more of a process than an event though. ### Wynn Resorts (WYNN) With nothing more than a quick glance at the daily chart of Wynn Resorts it might look like the stock is merely chopping sideways after last year's meltdown. When taking a step back and looking at the bigger picture though -- and examining the weekly chart up close -- it becomes clear there's more underway than just some sideways consolidation. The bulls are testing the waters for a reversal, having broken through some well-established resistance lines. Click to Enlarge • The big resistance line that no longer matters is the one that tags all the major highs between June and October. Plotted with a yellow dashed line, that barrier was broken in late November. The bears took another shot in December, but couldn't keep it down. • The next major ceiling is the gray 100-day moving average line, currently at $115.43. The buyers have demonstrated a bit of hesitation at it nears, but if it's cleared, there's little left to hold WYNN down. • Beyond the 100-day moving average line, the next most plausible ceilings are the Fibonacci retracement lines at $132.80 and $160.40. The white 200-day moving average line around $145 is also a possible stopping point. ### Nike (NKE) A week ago, we pointed out how Nike shares had been habitually unable to hurdle a key moving average line. Though the third bump into this ceiling had not yet started another downtrend, until it was cleared, NKE was tough to justify buying. It has been cleared since then. In fact, another major technical ceiling was cleared as of Thursday. It's not a perfectly proven or clean break yet, but it's close enough to refresh our look. Click to Enlarge • The technical ceiling in question a week ago was the gray 100-day moving average lines. Failed tests of that level as a ceiling are highlighted in blue. Nike broke above it on Tuesday. • Perhaps just as important, Nike's surge on Thursday has carried the stock above the recent technical ceiling around $78.80, plotted with a yellow dashed line. • Though a solid thrust, the volume behind the effort has been thin. More buyers need to step up, but before they do they may want to see NKE slide back below $78.80, regroup, and march higher again. As of this writing, James Brumley did not hold a position in any of the aforementioned securities. You can follow him on Twitter, at @jbrumley. ### More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Growth Stocks With the Future Written All Over Them * 7 Reasons Why Buffett's Bet on Apple Stock Is a Good One * 10 Companies That Could Post Decelerating Profits Compare Brokers The post 3 Big Stock Charts for Friday: General Electric, Nike and Wynn Resorts appeared first on InvestorPlace.
Market Realist•3 days agoWhat to Expect from Berkshire Hathaway’s Cash in 2019
Can Warren Buffett Outperform the Markets in 2019?(Continued from Prior Part)Cash As we noted previously, Berkshire Hathaway (BRK-B) held more than $100 billion in cash at the end of the third quarter. The company employed some cash in the third
- Financial Times•3 days ago
[$$] Mexico raises $2bn from bond investors in boost for new president
The 10-year dollar-denominated bond — which has a 4.5 per cent coupon — was four times subscribed, with 320 institutional investors taking part in the deal, the finance ministry said in a statement. The success of the deal reinforced a honeymoon with financial markets that has seen the peso strengthen to its best level in three months. a partially built $13bn Mexico City airport, the government of President Andrés López Obrador has recovered, pushing ahead with several market-pleasing policies.
- American City Business Journals•3 days ago
Viewpoint: Let’s cut to the Chase in banking wars
Pittsburgh’s red-hot banking wars are only likely to intensify in the coming months as these branches open and local banks look to maintain their slice of the pie. Someone’s likely to lose out from the big-bank expansions, and I’m betting Chase and BofA won’t be the losers.
- The Wall Street Journal•4 days ago
[$$] Bank of America’s Wealth-Management Business Bucks Trend in Volatile Quarter
Bank of America Corp.’s wealth-management business did what its Wall Street rivals couldn’t during a wild fourth quarter: It grew its revenue. For the parent of Merrill Lynch and U.S. Trust, wealth-management revenue rose 7% to $4.99 billion from a year earlier. Wealth-management head Andy Sieg said the result represents the highest quarterly revenue since Bank of America bought Merrill Lynch a decade ago.
- InvestorPlace•4 days ago
5 Must-See Stock Charts for Friday: MS, GE, SQ, BA
Rumors over a lifting of the tariffs sparked a temporary intraday rally for the stock market -- not that a number of stocks needed anymore reason to climb on Thursday. Let's get a look at some must-see stock charts to see what's in focus for Friday. ### Top Must-See Stock Charts #1: Boeing Boeing (NYSE:BA) got an instant lift on the tariff news, although shares have been trading pretty well as of late anyway. InvestorPlace - Stock Market News, Stock Advice & Trading Tips * 7 Stocks to Buy as the Dollar Weakens After consolidating near $350 for about a week, shares are powering through downtrend resistance (blue line) on Thursday. The move has been swift and enjoyable for bulls, who are now looking for a rally up to $370. Should BA fizzle before it gets there, it would be encouraging to see it stay north of this prior downtrend line. Over the 100-day and 200-day would also be encouraging. Otherwise, BA may need to reset. ### Top Must-See Stock Charts #2: Morgan Stanley Unlike some of the other banks -- like Bank of America (NYSE:BAC) and Goldman Sachs (NYSE:GS) -- Morgan Stanley's (NYSE:MS) earnings results weren't that impressive. However, its reaction isn't all that bad. While downtrend resistance (blue line) is still firmly in control of MS, the 50-day moving average is holding up. A close over $43.10 would be another bullish development for the stock. Over the 50-day and longs can stick with MS, however, other bank stocks look more attractive at this point. ### Top Must-See Stock Charts #3: iQiyi Obviously everyone's eyes are on Netflix (NASDAQ:NFLX), which is up more than 50% over the past few weeks and just raised its prices ahead of Thursday afternoon earnings report. Anticipation for its earnings is giving a boost to Roku (NASDAQ:ROKU) and iQiyi (NASDAQ:IQ), the latter of which is known as "the Netflix of China." IQ stock has been trading better, but with Netflix reporting earnings after the bell, it will likely be a large driver for IQ in the short term. Currently, the stock is resting just below tough downtrend resistance and the 50-day moving average. If IQ can push higher, it could cause a flurry of buying once over resistance. That may spark a move up to $22. ### Top Must-See Stock Charts #4: General Electric Shares of General Electric (NYSE:GE) continue to grind higher and InvestorPlace readers have been following the levels as we go. GE stock pushed up to $9 earlier this month and was quickly rejected back down to the 50-day. From there, GE climbed back to $9 and consolidated just below that mark for more than a week. On Thursday, it broke over this level. Now I want to see a close above $9 and a continued push higher. If it can do that, the next level to watch is $10 and/or the 100-day moving average. ### Top Must-See Stock Charts #5: Square Another high flyer on Thursday, Square (NYSE:SQ) stock jumped 4.5% on Thursday. This is a continued move after SQ stock broke out over downtrend resistance (blue line) earlier this month. The stock rallied up and pushed through the 50-day moving average, but coiled just below the 100-day. The theme here? Stocks have been rallying up and consolidating for about a week before pushing through key levels again. Will it lead to a false breakout now that the major indices have recouped about half of their losses, or will they lead to further gains? We don't know yet, which is why we outline the levels! * 10 Growth Stocks With the Future Written All Over Them For SQ stock, let's see if shares can push up to the 200-day moving average. If they fizzle out beforehand, look to see that it stays over $64. Below and it may revisit the backside of prior downtrend resistance. Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell. As of this writing, Bret Kenwell is long GE and ROKU. ### More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Growth Stocks With the Future Written All Over Them * 7 Reasons Why Buffett's Bet on Apple Stock Is a Good One * 10 Companies That Could Post Decelerating Profits Compare Brokers The post 5 Must-See Stock Charts for Friday: MS, GE, SQ, BA appeared first on InvestorPlace.
- TheStreet.com•4 days ago
How to Trade 'Too Big to Fail' Banks Post Earnings
According to Macrotrends, each of these big banks have favorable P/E ratios of 9.23 for Citigroup, 10.50 for Wells Fargo, 11.15 for Bank of America and 11.32 for JPMorgan. JPMorgan is the only component of the Dow Jones Industrial Average and the stock ended 2018 with a dividend yield 3.45%, ranked 6th. The weekly chart for Bank of America is positive with the stock above its five-week modified moving average of $26.37.
- Market Realist•4 days ago
Morgan Stanley Fell More than 5%: What Went Wrong in Q4?
Morgan Stanley Fell More than 5%: What Went Wrong in Q4?Morgan Stanley Morgan Stanley (MS) released its fourth-quarter results early on January 17. The bank missed analysts’ consensus estimates for its earnings and revenues. The adjusted earnings
- Market Realist•4 days ago
How the US Government Shutdown Could Affect the Market’s Recovery
Could January Be the Best Month in a Year for the S&P 500?(Continued from Prior Part)January US market recovery In the previous article, we looked at two key factors responsible for driving the solid recovery in broader market in January 2019:
- Market Realist•4 days ago
What Drove Bank of America’s Fourth-Quarter Revenues?
Bank of America Posted Strong Fourth-Quarter Results(Continued from Prior Part)Revenues beat the estimate Bank of America (BAC) reported fourth-quarter revenues of $22.9 billion, which rose 11% on a YoY (year-over-year) basis. The revenues improved
- Barrons.com•4 days ago
Morgan Stanley Stock Dips on Weak Bond Trading
The bank’s fourth-quarter earnings report showed weakness in fixed-income and wealth-management revenue. Shares fell more than 5%.
- InvestorPlace•4 days ago
You Can Make Bank Buying Bank of America Stock After Earnings
A strong earnings report from Bank of America (NYSE:BAC) stock enjoyed Wall Street's collective attention Wednesday. Nevertheless, waiting for yesterday's excitable "mad money" to turn into today's profit-takers makes good business sense for would-be investors. Let me explain. There's no doubt about it, BAC stock's Q4 profit and sales beat was solid. And investors largely agreed, sending shares soaring more than 7% in response to strong results punctuated by Bank of America's consumer banking business, lower taxes and aggressive efforts into digitization which are paying off big-time. Off the price chart Bank of America's results received an equally excited response from CNBC's Mad Money front man James Cramer. Less than a month ago, price action like Wednesday's would have been pooh-poohed with remarks like "absurd" and "disconnected from reality" given the overriding bearish narrative of the day in BAC stock, in financials like JPMorgan (NYSE:JPM) and Wells Fargo (NYSE:WFC) and in the broader market. InvestorPlace - Stock Market News, Stock Advice & Trading Tips Now and following Bank of America's results, the only "absurd and disconnected from reality" label was directed by the Mad Money host at investors too sheepish to buy BAC stock at a price that's cheaper than it has been in decades. While the words are Cramer's, the broader logic of the enthusiasm towards Bank of America is shared. However, if like me you don't wish to wind up feeling like the proverbial mad money, there's better ways than simply, "Buy, Buy, Buy!" ### BAC Stock Weekly Chart Only a handful of weeks ago, most analysts were warning of a bear market in BAC stock was just beginning. It was during this period in late December when I laid out a bullish contrarian case for shares as Bank of America tested the upper range of a key longer-term support zone from about $22-$24.50. * 7 Stocks to Buy as the Dollar Weakens Shortly thereafter, BAC stock challenged the lower support boundary with a low of $22.66 before turning aggressively higher as part of a V-shaped bottom. Now and with shares of Bank of America at $28.45 in just over three weeks, there are signs on the price chart warning today's bulls will be faced with some type of technical backing and filling. Our caution at the moment is two-fold. Wednesday's reaction put BAC stock into an overbought position evidenced by its position outside the upper Bollinger Band, as well as its stochastics reading. Secondly, shares are testing a critical resistance area from roughly $27.50-$29. This zone is comprised of BAC's larger downtrend from its intermediate high set in March, the 50%-62% Fibonacci levels and 200-day simple moving average. Like me, maybe you see resistance in shares as an obstacle to overcome. Still, the technical picture strongly suggests the odds are stacked against BAC stock moving higher in the short term. Bottom line, Bank of America's squiggly price line likely needs to digest its gains before a sustainable rally through today's position on the price chart can occur. ### BAC Stock Trade For investors agreeable with our view and who wish to buy shares with more confidence, I'd put BAC stock on the radar and wait for a simple pullback pattern of three to several sessions before purchasing stock. That would serve the purpose of easing today's overbought condition while still keeping the potential for a second leg of price momentum intact. Alternatively, if the anticipated profit-taking runs a bit longer or deeper, that's okay too. At this point and following earnings, buying Bank of America as it fills Wednesday's price gap and sets up a potential higher low pivot looks like a very suitable way to buy BAC stock. And in our view, buying on this type of weakness in shares is a much smarter way to own Bank of America, versus today's buyers who are likely to feel the pinch of a mad money investment. Investment accounts under Christopher Tyler's management do not currently own positions in any securities mentioned in this article. The information offered is based upon Christopher Tyler's observations and strictly intended for educational purposes only; the use of which is the responsibility of the individual. . For additional market insights and related musings, follow Chris on Twitter @Options_CAT and StockTwits. ### More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Growth Stocks With the Future Written All Over Them * 7 Reasons Why Buffett's Bet on Apple Stock Is a Good One * 10 Companies That Could Post Decelerating Profits Compare Brokers The post You Can Make Bank Buying Bank of America Stock After Earnings appeared first on InvestorPlace.
- Zacks•4 days ago
Stock Market News For Jan 17, 2019
Benchmarks ended in the green for the second session on the trot on Wednesday as U.S. stocks posted their best day in a month.
- Benzinga•4 days ago
Bank Season Hits Roadblock As Morgan Stanley Earnings Appear To Disappoint
After an impressive start to the week, markets appear to face some tough sledding Thursday as investors eye disappointing earnings from Morgan Stanley (NYSE: MS), lack of progress on China trade, and no end in sight to the U.S. government shutdown. While focus in the early going might be on MS, the market was already down before that as new clouds appeared on the China trade horizon. A Republican senator said President Trump is considering new auto tariffs, and the Chinese government put out a statement critical of U.S. pressure on the China technology firm Huawei.
