27.98 0.00 (0.00%)
After hours: 6:18PM EDT
|Bid||27.97 x 27000|
|Ask||28.00 x 800|
|Day's Range||27.89 - 28.38|
|52 Week Range||22.66 - 31.91|
|Beta (3Y Monthly)||1.66|
|PE Ratio (TTM)||10.40|
|Forward Dividend & Yield||0.60 (2.13%)|
|1y Target Est||N/A|
Bank of America (BAC) closed at $27.97 in the latest trading session, marking a -0.55% move from the prior day.
The donations will serve a variety of Valley organizations whose missions range from hunger relief, homeless outreach, workforce development and childhood poverty.
The Federal Reserve set up a "severely adverse" scenario to test 18 of the largest U.S. banks. That scenario included a global recession with the U.S. unemployment rate jumping to 10%.
Bank of America is expanding its Student Leaders program to Buffalo and 29 other markets across the United States, including Rochester, Syracuse and Albany.
Raymond James analyst David J. Long writes that the biggest winners include Bank of America, PNC, Bank of New York Mellon, and State Street.
The Federal Reserve releases the Dodd-Frank Act supervisory stress test 2019 (DFAST 2019) results which reflect the stability of the banking system.
Bank of America CEO Brian Moynihan, one of our 2019 World’s Best CEOs, thinks the U.S. economy will avoid a recession.
Choosing the right indicators can be a daunting task for novice traders. It’s a much easier process when they focus their effects into five categories.
The Fed released the first round of stress tests for this year, showing that banks have cleaned up their balance sheets. But regulatory changes meant fewer banks were tested this year.
The nation's largest banks have enough capital to withstand a severe recession, the Federal Reserve said Friday. The so-called stress tests showed that 18 big banks including Bank of America , JPMorgan Chase and Citi could absorb a cumulative $410 billion of losses, with a global recession and the U.S. unemployment rate rising by more than 6 percentage points, the Fed said. The firms' aggregate common equity tier 1 capital ratio, which compares high-quality capital to risk-weighted assets, would fall from an actual level of 12.3% in the fourth quarter of 2018 to a minimum level of 9.2%. Next week the Fed will say whether the banks can make the share buybacks and dividend payments they want to give to shareholders.
The annual stress-test report cards for large U.S. financial companies are due out Friday. The consensus is that the banks are largely well-capitalized.
With the Fed opening the door for interest rate cut soon, banks will be at a disadvantageous position amid already challenging operating backdrop.
Charlotte private equity firm Falfurrias Capital Partners is set to acquire The C.F. Sauer Co., a company known for manufacturing familiar household products, such as Duke's Mayonnaise, Gold Medal and The Spice Hunter.
There are economic and social reasons that make a strong case for supporting the LGBT+ community and their allies not just in June but every day of the year.
Speaking at the Fortune Brainstorm Conference on June 19, Bank of America (BAC) CEO Brian Moynihan spoke in support of a cashless society. He said that the second-largest bank in the US has “more to gain than anybody” from such a scenario.
In order to revive sales of franchises that have been negatively impacted by Papa John's (PZZA) dismal sales trend, it extends advisory support to domestic franchises.
If you want to see how intense the competition for retail customers is among the nation’s largest banks, just look to The Waterfront in Homestead. The Waterfront is where PNC Financial Services Group Inc. planted its prototype branch in April, a sort of lab to test concepts to be deployed throughout the hometown bank’s footprint. It is where JPMorgan Chase & Co. secured a location for one of its first six Pittsburgh branches.
More than years after the subprime meltdown, Goldman Sachs is a robust multi-billion-dollar company instead of a historical footnote. Here's why.
Bank of America CEO Brian Moynihan said his firm has “more to gain than anybody” from the booming trend of non-cash transactions.
Despite the S&P 500 trading at lofty heights, 8 blue chip stocks are still selling well below their record highs but may be poised for big gains as investors pursue diverse strategies to profit amid a volatile U.S.-China trade war. Some professional investors are wading in to buy beaten down blue chips from the semiconductor industry, including Broadcom Inc. (AVGO), Xilinx Inc. (XLNX), NXP Semiconductors N.V. (NXPI) and Skyworks Solutions Inc. (SWKS). Goldman says these service stocks are much more likely to outperform than stocks in goods-producing sectors.
(Bloomberg Opinion) -- Faced with an extraordinarily difficult situation, Federal Reserve Chair Jerome Powell gave bond traders exactly what they wanted in the central bank’s latest monetary policy decision.While the Fed left its benchmark lending rate unchanged in a range of 2.25% to 2.5%, changes to language in the Federal Open Market Committee’s statement, like removing the word “patient” and pledging to “act as appropriate to sustain the expansion,” pointed to reducing interest rates in the near future. One voting member, St. Louis Fed President James Bullard, even dissented in favor of a cut. On top of that, the “dot plot” showed the median projection among policy makers was for lowering interest rates at some point before the end of 2020. The reaction in the world’s biggest bond market was swift, even though a Bank of America Merrill Lynch survey released Tuesday found that being long U.S. Treasuries has become the world’s most-crowded trade for the first time ever. Two-year U.S. yields dropped 10 basis points after the announcement to 1.76%. The day of the Fed’s last meeting, it was 2.3%. Benchmark 10-year yields also fell toward the 2% level, which hasn’t been breached since around the time Donald Trump was elected president. The yield curve steepened sharply.On top of validating dovish wagers among bond traders, who had priced in 2.5 cuts for 2019 ahead of the decision, the Fed’s latest shift is also a victory for Trump, who has been pounding the table for lower interest rates and whose White House, as Bloomberg News reported, in February explored the legality of demoting Powell. (He said “let’s see what he does” when asked later on Tuesday if he still wants to demote him.)This is probably not the outcome that Powell wanted but the one he felt he had little choice but to deliver. Just consider what has happened since the last Fed member spoke on June 7, before its blackout period began.June 7: The May jobs report showed nonfarm payrolls rose 75,000, missing all estimates in a Bloomberg survey, with the unemployment rate steady at 3.6%. June 7: Trump tweeted that tariffs on Mexican goods, which sparked a massive flight-to-quality trade in Treasuries, were “indefinitely suspended.” June 12: Consumer price index data missed estimates. June 14: Retail sales were stronger than expected, while the University of Michigan's gauge of expected inflation fell to an unprecedented low. June 17: The New York Fed’s Empire State Manufacturing Index plunged in June by the most on record. June 18: European Central Bank President Mario Draghi promised that officials are ready with stimulus if needed. June 18: The S&P 500 came within 0.8% of a record high.This is a decidedly mixed bag. The labor market remains strong but is slowing from its breakneck pace. Inflation is at risk of persistently undershooting the Fed’s target. Business confidence is weakening, though consumers are resilient. And central banks around the globe are shifting to easier policy in anticipation of slower growth ahead. The Fed’s own updated projections reflect this murky outlook: Growth is now seen as higher in 2020, at 2%, while officials predict inflation will be lower than they thought in the coming year and a half. Powell took the path of least resistance. Just as the first rule of bond trading is “don’t fight the Fed,” one mantra of heading up the central bank could well be summarized as “don’t fight the markets.” He made abundantly clear that officials have had a “significant” change in their outlook relative to earlier this year, as evidenced by the adjusted FOMC statement. I wrote earlier this week that this Fed decision would show if the markets broke Powell. It’s possible that already happened in late December, when stocks were in freefall and Trump privately discussed firing his pick to lead the central bank. In what’s known as the “Powell pivot,” in early January he backed off from his previously firm stance that the balance-sheet runoff would continue on “automatic pilot” and went from shrugging off “a little bit of volatility” to assuring investors that he was attuned to the market’s concerns about downside risks.Bond traders, meanwhile, can quickly move on from debating whether the Fed will lower interest rates this year to when those cuts will begin. Policy makers left themselves some room to maneuver, but not much. In fact, the updated 2019 dot was close to forecasting an interest-rate reduction. After capitulating to markets this time, it would seem as if July is definitely in play. Fed funds futures indicate a cut next month is a near certainty.“They’re delivering on and above market expectations,” Jeffrey Rosenberg, systematic fixed-income senior portfolio manager at BlackRock Inc., said on Bloomberg TV. “The markets will now expect action in July,” added Michael Gapen at Barclays Plc.It’s regrettable that Powell didn’t show more backbone. Sure, his overarching goal is to sustain the economic expansion, and it’s clear that the data isn’t as strong as it was during the zenith of the tightening cycle. But that’s to be expected at this point, a decade after the recession ended and amid some self-inflicted pain on the trade front.This is a crucial time for the Fed and for monetary policy in general. Given that the ECB and Bank of Japan haven’t managed to wean their economies off extraordinary stimulus measures, it raises tough questions about whether central banks are doing more harm than good with what appears to be a tendency to prop up markets at every turn. Powell did a better job than his predecessor at staying the course, but he has proved willing to capitulate at most turns in 2019.Powell has advantages that his counterparts don’t, including a stronger domestic economy and a policy rate that has increased eight times since December 2016. He at least has a bit of room to try an “insurance cut” to keep the good times going.But fractionally lower interest rates aren’t going to magically fix the U.S.-China trade tensions nor provide the spark needed to lift inflation or encourage vast business investment. It serves mostly as a signal to Wall Street that the Fed knows its cues. Powell can only hope that the short-term high will be worth it in the long run.To contact the author of this story: Brian Chappatta at email@example.comTo contact the editor responsible for this story: Daniel Niemi at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Brian Chappatta is a Bloomberg Opinion columnist covering debt markets. He previously covered bonds for Bloomberg News. He is also a CFA charterholder.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Robotics and automation companies sit ready to benefit from challenges facing the modern world. Gain exposure using these ETFs.
Some analysts have started to price in "insurance cuts," which means they are expecting the Fed to cut rates right before a downturn in order to save the economy.
[Editor's note: This story was previously published in February 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.General Motors (NYSE:GM) was a classic "widows and orphans" stock until last decade, when GM wound up going bankrupt. United States Steel (NYSE:X) once was a pillar of corporate America and a buy-and-hold stock. GM shares basically haven't moved in a quarter of a century. Polaroid and Eastman Kodak were once blue-chip stocks. Both went bankrupt as cameras changed from film to digital.InvestorPlace - Stock Market News, Stock Advice & Trading TipsBut there still are stocks to buy and hold out there that can last forever, while offering dividend income along the way. * 7 Value Stocks to Buy for the Second Half Here are ten such retirement stocks to buy and hold forever.Source: Shutterstock Bank of America (BAC)Dividend Yield: 2.1%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.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.Source: Mustafa Khayat Via Flickr Diageo (DEO)Dividend Yield: 2%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 whisky, 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. * 7 Value Stocks to Buy for the Second Half 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.Source: U.S. Embassy Kyiv Ukraine via Flickr (Modified) Medtronic (MDT)Dividend Yield: 2%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.Source: Shutterstock NextEra Energy (NEE)Dividend Yield: 2.4%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 18% 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 2.4% dividend yield provides income along the way. * 7 Dividend Stocks to Buy as the Trade War Reignites 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.Source: Blue Genie via Flickr McCormick & CompanyDividend Yield: 1.5%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.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.Source: Shutterstock Allstate CorpDividend Yield: 2%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. * 7 Value Stocks to Buy for the Second Half Once any short-term worries subside, ALL should resume its march upward.Source: Shutterstock International Flavors & Fragrances (IFF)Dividend Yield: 2%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.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.Source: Shutterstock Lamb WestonDividend Yield: 1.4%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. * 7 Value Stocks to Buy for the Second Half 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.Source: Shutterstock Fortune Brands (FBHS)Dividend Yield: 1.6%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.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.Source: Shutterstock Republic ServicesDividend Yield: 1.74%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. * 7 Value Stocks to Buy for the Second Half 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 Compare Brokers The post 10 'Buy-and-Hold' Stocks to Own Forever appeared first on InvestorPlace.
The Federal Reserve will leave rates unchanged but has removed its 'patience' in monetary policy. Yahoo Finance's Brian Cheung breaks it down.