BAC - Bank of America Corporation
33.65 -0.02 (-0.06%)
After hours: 5:38PM EST
| Previous Close | 33.09 |
| Open | 33.68 |
| Bid | 33.62 x 47300 |
| Ask | 33.63 x 39400 |
| Day's Range | 33.57 - 33.80 |
| 52 Week Range | 22.66 - 33.80 |
| Volume | 47,547,834 |
| Avg. Volume | 51,653,111 |
| Market Cap | 303B |
| Beta (3Y Monthly) | 1.64 |
| PE Ratio (TTM) | 12.41 |
| EPS (TTM) | 2.71 |
| Earnings Date | Jan 15, 2020 |
| Forward Dividend & Yield | 0.72 (2.18%) |
| Ex-Dividend Date | 2019-12-05 |
| 1y Target Est | 33.90 |
- Bloomberg
Masters of the Universe Are Taking Over Your Local Sports Teams
(Bloomberg) -- If Steve Cohen’s bid for the New York Mets succeeds, he’ll find himself in familiar company.Hedge fund managers and private equity titans are an increasingly common sight in the owners’ boxes of Major League Baseball teams, including former trader John Henry at Boston’s Fenway Park, Guggenheim Partners’ Mark Walter at Dodger Stadium and Crescent Capital’s Mark Attanasio at Miller Park in Milwaukee.And it’s not just America’s Pastime. Pro football franchises, basketball teams and soccer clubs also are attracting the financial elite. Last year, David Tepper bought the NFL’s Carolina Panthers. The principal owner of the NBA’s Golden State Warriors is former venture capitalist Joe Lacob, while Platinum Equity founder Tom Gores owns the Detroit Pistons.“One of the great sources of the kind of liquid capital you need to buy a sports team are people in the finance industry,” said Marc Ganis, president of consulting firm Sportscorp Ltd. “Tepper could simply write the check for the Carolina Panthers. Literally write the check. And Steve Cohen is the same.”The lure is no longer just the prospect of owning a trophy asset or hanging out with famous athletes, although that still resonates. These days there’s also a cold-eyed appraisal of teams as an increasingly astute financial bet, backed by a mix of real estate, media and technology.“Steve is a consummate businessperson who will bring insights to the way the sport is evolving to the team management,” Leo Hindery, founder and former chief executive officer of the Yankees’ broadcast network, said of the hedge fund titan in an interview this week.Cohen’s proposed bid underlines the astronomical cost of teams in major markets these days. Fred Wilpon, the Met’s principal owner, made his money in real estate. He assumed control of the franchise in 2002 at a valuation of just $391 million.Cohen — one of the most successful hedge fund managers in history with a net worth in excess of $9 billion, according to the Bloomberg Billionaires Index — is negotiating to buy an 80% stake that values the team at a league-record $2.6 billion. That’s a 550% increase in less than two decades.Jerry Richardson paid about $200 million in 1993 for the rights to start the Panthers. Tepper, founder of Appaloosa Management, paid $2.3 billion for the franchise last year. The Milwaukee Bucks, worth $18 million in 1985, fetched $550 million when the NBA team was sold to Marc Lasry and Wes Edens in 2014.It’s a similar story with soccer. The enterprise value of the 32 most prominent European clubs increased to $41 billion at the start of 2019, up 35% from three years earlier, according to a KPMG report.Finance is the source of 106 fortunes on the Bloomberg index, a ranking of the world’s 500 richest people. That’s about double the number of those who made their money from technology. Outside of the top 500 are scores more with the means to pay the price tags the biggest sports teams now command.When the Panthers came up for sale, three billionaires with financial backgrounds dominated the bidding war, with Tepper ultimately beating out Ben Navarro, founder of Sherman Financial Group LLC, and investor Alan Kestenbaum.“I don’t want to own a trophy asset,” Kestenbaum said during the bidding. “An investment of this size has to continue to grow in value.”That remains a distinct possibility, even at today’s elevated prices. Long-suffering sports fans — buffeted by ownership changes and rising ticket prices — tend to remain loyal to their teams, while the seemingly evergreen allure of live sports has kept the value of television rights packages buoyant.The appeal is such that it’s not just individuals investing. Last month, private equity firm Silver Lake Management bought a piece of City Football Group Ltd., owner of the Manchester City soccer team, valuing the parent at $5 billion. CVC Capital Partners bought a minority stake in England’s top rugby league last year having previously owned race series Formula One for a decade before selling it to John Malone’s Liberty Media Corp. for $4.4 billion.Owning such illiquid assets requires a high tolerance for risk and a healthy balance sheet. But that’s second nature to many of the mega-wealthy financiers now filling board rooms. For hedge fund executives used to the volatility of capital markets, the limited supply of these teams is appealing. Even when an owner has sold under duress — such as former Los Angeles Clippers owner Donald Sterling or the Panthers’ Richardson — the price they received set records.Plenty of financiers have doubled down on these types of investments. In addition to the Red Sox, Henry owns England’s Liverpool Football Club and half of Nascar’s Roush Fenway Racing team. Major League Soccer’s board of governors agreed Thursday to move forward on the final steps toward granting the latest expansion team to Charlotte, North Carolina. The bid was led by Tepper.His growing taste for sports teams is no surprise to those in the industry.“There’s a competitiveness in the finance sector at the highest levels, which translates very well into the sports industry,” said Ganis, the consultant. “It’s wins, it’s losses, it’s zero sum games. It’s kill or be killed. That has a lot of similarity to the sports industry where at the end of the season there are winners and losers.”\--With assistance from Tom Maloney, Scott Soshnick and Eben Novy-Williams.To contact the author of this story: Tom Metcalf in London at tmetcalf7@bloomberg.netTo contact the editor responsible for this story: Steven Crabill at scrabill@bloomberg.netFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Barrons.com
Capital One Is a Bargain Among Bank Stocks
Investors will end up paying a lot more for a financial-technology company or a banking giant than it will for a consumer-finance firm. Which is a long way of saying that Capital One Financial stock is cheap and looking attractive right now.
- Barrons.com
What’s Wrong With Warren Buffett’s Berkshire Hathaway? A Failed Buyout Tells the Story.
The conglomerate is badly lagging behind the S&P 500. A stubborn approach to capital allocation is a big part of the problem.
- Investopedia
Who Are Bank of America’s Main Competitors?
The main competitors of Bank of America (BAC) are three of the other "big four" major U.S. banks: JPMorgan Chase, Citigroup, and Wells Fargo.
- MarketWatch
Financial stocks get a big boost from jobs data
Financial stocks got a big lift in premarket trading Friday, as much stronger-than-expected November jobs data provided a boost to the sector and the broader stock market. The SPDR Financial Select Sector ETF rallied 1.1%, after trading unchanged just before the data. Among the sector tracker's heavily weighted components, gains in the shares of Bank of America Corp. increased to 2.0% from 0.4%, Citigroup Inc. to 1.7% from 0.3%, J.P. Morgan Chase & Co. to 1.3% from less than 0.1% and Goldman Sachs Group Inc. to 1.3% from 0.3%. The U.S. Labor Department reported that nonfarm payrolls increased by 266,000 jobs in November and the unemployment rate returned to a 50-year low of 3.5% from 3.6%, compared with expectations of 180,000 jobs. Gains in the SPDR S&P 500 ETF to 0.7% from 0.2%, the SPDR Dow Jones Industrial Average ETF to 0.7% from 0.1% and the Invesco QQQ ETF to 0.8% from 0.2%.
- Financial Times
Robust US jobs data show labour market’s resilience
The US economy added 266,000 jobs in November, surpassing analyst estimates by a wide margin and demonstrating the continued strength of the US labour market. Analysts had estimated that the US economy would create 180,000 jobs in November. Hourly earnings increased 3.1 per cent over the past year, also beating estimates of a 3 per cent gain.
- Zacks
Major Regional Bank Stocks Outlook Rosy on Decent Loan Rise
Major Regional Bank Stocks Outlook Rosy on Decent Loan Rise
- Bloomberg
Fear of an Inverted Yield Curve Is Still Alive for 2020
(Bloomberg Opinion) -- About a year ago to the day, the U.S. yield curve inverted for the first time during this business cycle. Sure, it wasn’t the part that has historically predicted future recessions, but it foreshadowed the more consequential inversion — the part of the curve from three months to 10 years — which happened in March and lasted for much of the rest of the year through mid-October.This wasn’t much of a shock to Wall Street. Even in December 2017, many strategists saw an inverted yield curve as largely inevitable, with short- and longer-dated maturities meeting somewhere between 2% and 2.5%. That’s just what happened. It was enough to spur the Federal Reserve into action. The central bank proceeded to slash its benchmark lending rate by 75 basis points in just three months. Now the curve looks positively normal again.“Inverted Yield Curve’s Recession Flag Already Looks So Last Year,” a recent Bloomberg News article declared. Indeed, the prospect of the curve steepening in 2020 is drawing money from BlackRock Inc. and Aviva Investors, among others, Liz Capo McCormick and John Ainger reported. Praveen Korapaty, chief global rates strategist at Goldman Sachs Group Inc., told them the spread between two- and 10-year yields will be wider in most sovereign debt markets. PGIM Fixed Income’s chief economist Nathan Sheets said “the global economy has skirted the recession threat.”Yet beneath that bravado, the fear of another bout of yield-curve inversion remains alive and well on Wall Street.John Briggs at NatWest Markets, for instance, predicts the curve from three months to 10 years (or two to 10 years) will invert again, possibly for a couple of months, because the Fed will resist cutting rates again after its 2019 “mid-cycle adjustment.” “I see the economy slowing to below trend growth, the market seeing it and recognizing the Fed needs to do more, especially with inflation low, but the Fed will be slow to respond,” he said in an email. Then there’s Societe Generale, which is calling for the U.S. economy to fall into a recession and for 10-year Treasury yields to end 2020 at 1.2%, which would be a record low. Even though the curve doesn’t invert in the bank’s quarter-end forecasts, it’s quite possible during a bond rally, according to Subadra Rajappa, SocGen’s head of U.S. rates strategy.“Over time, if the data weakens, the curve will likely bull flatten and possibly invert akin to what we saw in August,” she said. “If the data continue to deteriorate and the economy goes into a recession as per our expectations, then we expect the Fed to act swiftly to provide accommodation.”To be clear, another yield-curve inversion is by no means the consensus. The prevailing expectation is that the economy is in “a good place” (to borrow Fed Chair Jerome Powell’s line) and that Treasury yields will probably drift higher, particularly if the U.S. and China reach any kind of trade agreement. In that scenario, central bankers will be just fine leaving monetary policy where it is.Bank of America Corp.’s Mark Cabana summed up the bond market’s base case at the bank’s year-ahead conference in Manhattan: There will probably be no breakout higher in U.S. economic growth (capping long-term yields) but also no need for the Fed to cut aggressively (propping up short-term yields). That should leave the curve range-bound in 2020.That range, though, is not all that far from zero. Ten-year Treasury yields are now 20 basis points higher than those on two-year notes, and 22 basis points more than three-month bills. At the end of 2018, those spreads were nearly the same — 19 basis points and 31 basis points, respectively. That is to say, it’s not much of a stretch to envision the curve flattening in a hurry if anxious bond traders clash with a patient Fed.For now, traders seem to be pinning their hopes on resilient American consumers powering the global economy, using evidence of strong holiday shopping numbers to back their thesis. My colleague Karl Smith isn’t so sure that’s the best strategy, given that the spending is actually weakening relative to 2018, plus it usually serves as a lagging indicator anyway. Markets are also on alert for any cracks in the U.S. labor market, which has been the bastion of this record-long recovery. November’s jobs numbers will be released Friday.As for the Fed, its interest-rate moves are a clunky way to fine-tune the world’s largest economy. But that’s not the case for addressing angst around the U.S. yield curve. If the central bank doesn’t like its shape, it has the policy tools to directly and immediately bend it back.It comes down to which scenario Fed officials consider a bigger risk in 2020: Allowing the Treasury curve to remain flat or inverted, or moving too quickly toward the lower bound of interest rates? Judging by dissents around the more recent decisions, this is very much an open question.To get another inversion, “you’d need a Fed that wants to hold policy constant through a period of economic weakness: front end remains anchored near current levels due to policy expectations, long end drops due to diminishing growth/inflation forecasts,” said Jon Hill at BMO Capital Markets. “Not impossible by any means.” An inversion would probably come in the first or second quarter of 2020, fellow BMO interest-rate strategist Ian Lyngen said, though that’s not his base case.That sounds about right. Fed officials seem satisfied with dropping rates by the same amount as their predecessors did during other mid-cycle adjustments. Now they want to wait and see how lower interest rates trickle into the economy, perhaps making them more entrenched over the next several months. It’s hard to say for sure, though, given that Treasury yields have behaved since the central bank’s last meeting. The market simply hasn’t tested the Fed’s resolve.Relative calm like that rarely lasts, particularly when one tweet on trade sends investors into a tizzy. The path forward is almost never as linear as year-ahead forecasts make it appear.The same is true for the yield curve. We might very well be past “peak inversion,” but ruling out another push below zero could be a premature wager.To contact the author of this story: Brian Chappatta at bchappatta1@bloomberg.netTo contact the editor responsible for this story: Daniel Niemi at dniemi1@bloomberg.netThis 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.
- Moody's
Moody's Fully Supported Municipal & IRB Deals
Announcement: Moody's Fully Supported Municipal& IRB Deals. Global Credit Research- 03 Dec 2019. New York, December 03, 2019-- ASSIGNMENTS:.
- Zacks
Delay in U.S.-China Trade Deal Hits 10-Year Treasury Yield
President Trump's latest hints at a delay in the U.S.-China trade agreement causes the yield on benchmark 10-year Treasury note to hit the lowest in the last four months.
- Business Wire
Four in Five U.S. Small Business Owners Anticipate Strong Finish to 2019
Entrepreneurs Look to Balance Work and Personal Commitments This Holiday Season
- Bloomberg
Behold the Most Volatile Call for Bond Yields
(Bloomberg Opinion) -- Stay in one part of the market long enough and you’re bound to know which strategists tend to be bullish and which ones seem permanently bearish. U.S. Treasuries are no exception. Just consider these two divergent views from the ranks of the Federal Reserve’s primary dealers:Steven Major at HSBC Holdings Plc is among those who have long believed in lower-for-longer U.S. interest rates. He and I talked in mid-2016, when Treasury yields hit all-time lows, about how structural forces such as an aging global population create a nearly insatiable demand for safe fixed-income assets. He predicts the benchmark 10-year yield will finish 2020 at around 1.5%, compared with a median estimate of 2% in a Bloomberg survey. That’s bullish.His polar opposite might just be Stephen Stanley, chief economist at Amherst Pierpont Securities. Dating to at least mid-2017, Stanley’s prediction for the 10-year Treasury yield has always exceeded the median estimate.(1)That hasn’t changed for 2020 — he’s the only analyst among the 49 surveyed to see the benchmark U.S. yield back at 3% at the end of next year. That’s bearish.And then there’s John Dunham, who shatters the conventional labels. Dunham, managing partner at John Dunham and Associates, is more bearish on bonds in the coming months than anyone. He predicts 10-year yields will soar to 2.75% by the end of June and climb to 3.03% by the end of September. Even Stanley sees them merely gliding to 2.5% at mid-year and then 2.8% at the end of the third quarter. In Dunham’s scenario, current owners of 10-year notes would face a roughly 10% loss in 10 months.If Dunham’s right, though, those investors ought to hold on for dear life. By mid-2021, he suddenly becomes one of the biggest bond bulls on Wall Street, forecasting 10-year yields at 1.3% for the rest of that year. For those keeping track at home, that’s an even lower forecast than Major’s 1.5% estimate for year-end 2020.This type of market swing, of course, is hardly unprecedented. In fact, the 10-year Treasury yield plunged from 3.25% in November 2018 to just 1.43% in early September as bond traders shifted from expecting more Fed interest-rate increases to rapidly pricing in easier monetary policy. That 182-basis-point range is right in line with the type of move that Dunham envisions. Just on Tuesday, long-term Treasury yields tumbled 10 basis points, the sharpest drop since August.Still, few analysts (if any at all) actually come out and predict that sort of volatility. The tried-and-true playbook is to call for interest rates to rise gradually or fall from their current levels and then tweak those forecasts as the market moves. You just don’t see a forecast slice through the median and average as drastically as Dunham’s does.So, what explains such a turn of events? To Dunham, it’s fairly straightforward: Inflation will take off for a short period in 2020, followed by a recession after the U.S. presidential election (he hasn’t predicted who will win it). He explained his view to me over the phone:“I believe that the administration is going to just do everything it can to crank out money into the economy until the election, just to keep it going. And after the election, they’re not going to ... That in many ways is driving our forecast for a recession happening right after the election. Usually the first quarter is terrible anyway, so that makes good sense that the first quarter would be the time we would tumble into recession.When you start looking at business cost factors, the employment cost index has really been rising rapidly since the recession, we’re seeing the dollar up a lot, that takes up prices. The only thing that’s really been holding things down is commodity prices have been relatively flat. That’s going to turn at some point.We’ve been thinking — and I’ve been wrong about this, admittedly — that there will be decent inflation coming up for a while. We don’t model the Federal Reserve as independent, we model it as a trailing factor. It follows interest rates. That’s why we have them pushing up interest rates, up to that point that we hit recession.”While Dunham doubts the Fed has any ability to stoke inflation, it’s worth noting that just this week, the Financial Times published an article that said the central bank was considering a rule that would allow price growth to run above its 2% target in a “make-up strategy” for years of undershooting its goal. That has interest-rate strategists like Mark Cabana at Bank of America Corp. thinking that current market-implied inflation rates are probably too low.Dunham has called for a recession before. He said in mid-2015 that “we’re now at the peak of the business cycle. And over the next year, year-and-a-half, the business cycle is going to start to turn back into recession.” While that didn’t quite pan out, in that period here’s what did happen: The U.S. stock market swooned, real gross domestic product nearly turned negative and 10-year Treasury yields fell to unprecedented lows.His recession timeline also matches up with the historical signal given by the inverted U.S. yield curve. Three-month Treasury bills yielded more than 10-year notes for much of the period between late May and mid-October. That has usually indicated an economic downturn within 18 months or so. The curve from two to 10 years flipped to negative for a brief stretch in August. Cast those dates 18 months forward, and it’s right around the turn of the calendar from 2020 to 2021.Whether the world’s biggest economy follows that traditional rule of thumb is anyone’s guess. And, to be sure, the Fed has tried time and again to lift inflation only to see its preferred gauge remain stubbornly below 2% for almost all of the past decade. A lot will have to go right — and then wrong — for Dunham’s forecast to play out.At the same time, the likelihood that Treasury yields will hug the median in the coming year seems about equally as far-fetched. Last December, the median analyst forecast for where the 10-year yield would be at the end of 2019 was 3.32%. That’s shaping up to be off by about 150 basis points. It was a closer call in 2018, thanks in large part to the end-of-year bond rally, but the December 2017 consensus still wound up missing by a quarter-point.In other words, predicting the future is hard. Might as well forecast boldly.(1) I'm not including estimates that are a month or two from expiring, which all tend to converge to the prevailing yield level.To contact the author of this story: Brian Chappatta at bchappatta1@bloomberg.netTo contact the editor responsible for this story: Daniel Niemi at dniemi1@bloomberg.netThis 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.
- Zacks
Bank of America (BAC) Dips More Than Broader Markets: What You Should Know
Bank of America (BAC) closed the most recent trading day at $32.84, moving -1.76% from the previous trading session.
- Benzinga
Option Traders Betting Against Bank Of America Following Trump Tariff Comments
Shares of Bank of America Corp (NYSE: BAC) are up 32.3% in 2019 as big U.S. banks are generating record profits despite three Federal Reserve interest rate cuts. On Tuesday, Benzinga Pro subscribers received 24 option alerts related to unusually large trades of Bank of America options. At 8.37 a.m., a trader bought 25,300 Bank of America put options with a $32 strike price expiring on Dec. 27 above the ask price at 54.2 cents.
- Reuters
Federal Reserve terminates 2015 forex enforcement action against Bank of America
The U.S. Federal Reserve announced Wednesday it had terminated a 2015 enforcement action against Bank of America over its shortcomings in preventing traders from manipulating foreign exchange rates. The bank had agreed in May of that year to pay a $205 million fine and overhaul relevant policies after regulators charged several large banks with oversight shortcomings in foreign exchange markets. Alongside the fine, the bank had agreed to submit plans to improve its operations and additional Fed oversight.
- MarketWatch
Financial stocks sink as tariff fears send Treasury yields tumbling the most in over 3 years
Financial stocks suffered a broad selloff in morning trading Tuesday, as trade-war fears sent the 10-year Treasury yield toward the biggest decline in over three years. The SPDR Financial Select Sector ETF slid 2.0%, with 65 of 67 equity components losing ground. That financial ETF (XLF) was the weakest of the ETFs tracking the S&P 500's 11 key sectors. The S&P 500 dropped 1.2%. Among the XLF's most active components, shares of Bank of America Corp. lost 2.5%, Citigroup Inc. shed 2.5%, J.P. Morgan Chase & Co. gave up 2.1%, Wells Fargo & Co. dropped 2.5% and Morgan Stanley declined 3.1%. The 10-year Treasury yield fell 13.2 basis points (0.132 percentage points) to 1.704%, putting it on track for the biggest one-day basis-point decline since it fell 16.0 basis points on June 24, 2016, according to FactSet data. The yield decline comes after President Donald Trump said it might be better to hold off a trade deal with China until after the presidential election. Lower long-term rates can hurt bank earnings, as that could cause the spread between what banks earn from funding longer-term assets, such as loans, with short-term liabilities.
- Business Wire
Bank of America Merrill Lynch 2020 Market Outlook: Profits Rise, Economy Slows, Globalization Peaks, and Business-as-Usual Investing Comes to an End
Key drivers of this year’s late-cycle bull market gains are expected to shift as the global markets enter the new year, according to BofA Merrill Lynch Global Research, which was recently named Institutional Investor’s top research firm in the world. An interim, skinny U.S.-China trade deal should temporarily relieve trade concerns ahead of the U.S. presidential election and pave the way for a midyear, mini-boost in global growth led by U.S. rates and a weaker dollar. A rebound in U.S. corporate earnings should spur a long-awaited uptick in capital spending and lift the S&P 500 to another year-end high of 3300, or 6 percent above current levels.
- Investopedia
Top 5 Books to Learn About the Banking Industry (JPM, BAC)
Here are five of the top recommended books to read in order to gain a thorough understanding of the all-important banking industry.
- InvestorPlace
4 Top Stock Trades for Tuesday: ROKU, GOGO, BAC, BMY
Markets were hit hard in early Monday trading, as trade tensions spooked investors. Let's look at a few top stock trades as we enter the last trading month of 2019. Top Stock Trades for Tomorrow No. 1: Roku (ROKU)Source: Chart courtesy of StockCharts.comRoku (NASDAQ:ROKU) was down around 7% in pre-market trading thanks to a negative analyst note from Morgan Stanley. At 8 a.m. ET, not many were expecting the stock to be down 17% a few hours later.But that's exactly what we had, before shares erased some of those gains. While Roku was hammered on a day where the rest of the market was under pressure too, a 17% beating is not really a fair response given that nothing actually changed with the company.InvestorPlace - Stock Market News, Stock Advice & Trading TipsSo how do we trade it?The decline all but solidified $170 as resistance, but support came into play where it needed to. The 50-day moving average is near $132, while the 100-day is at $130. Not many expected Roku to go from $160 to $132-and-change in one day, but with Monday's bounce, support is doing its job. * 7 Entertainment Stocks to Buy to Escape Holiday Blues Below $130, though, the $116 to $120 area could be in the cards. Otherwise, let's see if Roku can fill some of this gap. Top Stock Trades for Tomorrow No. 2: Gogo (GOGO)Source: Chart courtesy of StockCharts.comOn tough market days, I love to look for the stocks showing relative strength. Unlike many in the market, Gogo (NASDAQ:GOGO) was positive throughout the session.On Friday, the 200-day moving average held as support, along with channel support (blue line). On Monday, the stock reclaimed the 100-day moving average. Now, bulls need to see the stock hold the $5.25 level and continue higher.If it does, look to see if Gogo can reclaim the 50-day moving average. Above puts $6-plus on the table and a possible retest of channel resistance. If it doesn't, $5 is back on the table. Top Stock Trades for Tomorrow No. 3: Bank of America (BAC)Source: Chart courtesy of StockCharts.comLike Gogo, Bank of America (NYSE:BAC) also displayed relative strength on Monday. In fact, BofA hit a new 52-week high.I have been waiting -- AKA hoping -- for a pullback in BAC stock, as its Q4 breakout has been very impressive. The stock continues to do an excellent job holding onto its recent gains, something many traders have surely noticed.$33 was resistance last week, but holding above it now puts $34-plus on the table. If it falls below $33, let's see if uptrend support and the 20-day moving average can buoy the name.If not, see if buyers step in around $32. Dropping below there could put the 50-day moving average on watch. If we get a real correction in the market, a retest of $30.50 to $31 would be attractive in BAC. Top Stock Trades for Tomorrow No. 4: Bristol-Myers Squibb (BMY)Source: Chart courtesy of StockCharts.comNot to beat the relative-strength theme to death, but Bristol-Myers Squibb (NYSE:BMY) was also on display Monday. Channel support (blue line) held throughout last week, and shares are now trying to push through $58.From here, the setup is straightforward. Either BMY reclaims $58 or it doesn't.If it does, it puts the 52-week high of $59.17 on the table, with channel resistance being the upside target above that. If Bristol-Myers can't reclaim $58, then channel support will again be called on. Should it fail, see if buyers step in near $55 again, while the 50-day moving average should act as support as well.Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell. As of this writing, Bret Kenwell is long GOGO and ROKU. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Things to Watch for into 2020 for Safer Income & Growth * 7 Entertainment Stocks to Buy to Escape Holiday Blues * 5 "Strong Buy" Biotech Stocks With More Than 80% Upside The post 4 Top Stock Trades for Tuesday: ROKU, GOGO, BAC, BMY appeared first on InvestorPlace.
- Schaeffer's Investment Research
Bank of America Calls Pop as Fed Meeting Looms
Bank of America earlier nabbed an 11-year high
- Zacks
Deutsche Bank (DB) Under DoJ Probe Over Danske Bank Scandal
Deutsche Bank (DB) under the U.S. Department of Justice ("DoJ") probe related to the Danske Bank money-laundering scandal.
- Insider Monkey
Here is the 13th Most Popular Stock Among 752 Hedge Funds
Is Bank of America Corporation (NYSE:BAC) a good investment right now? We check hedge fund and billionaire investor sentiment before delving into hours of research. Hedge funds spend millions of dollars on Ivy League graduates, unconventional data sources, expert networks, and get tips from investment bankers and industry insiders. Sure they sometimes fail miserably, but […]
- Bloomberg
These Are Bank of America’s Top 10 Trades for 2020
Dec.03 -- Adarsh Sinha, co-head of Asia FX and rates strategy at Bank of America Merrill Lynch, discusses his investment outlook and the top 10 trades for 2020. He speaks on “Bloomberg Markets: Asia.”
