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post #6381 of 6672
7/18/12 at 9:05am

Bank of America Shares Up After Earnings Increase

http://www.cnbc.com/id/48214652

bankofamerica_front_oq.jpg

Quote:
Published: Wednesday, 18 Jul 2012 | 7:21 AM ET
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By: CNBC.com with Reuters
 
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Bank of America reported second quarter profit that beat Wall Street's expectations on Wednesday, sending its shares higher in premarket trading.

 

After the earnings announcement, the company's shares rose 1.6 percent in trading before the opening bell.

(Click here to get the latest quotes for Bank of America.)

 

The company [BAC  7.92        realtime_icon.gif] posted second-quarter earnings excluding items of 19 cents per share, from a loss of 90 cents a share in the year-earlier period, when the bank took $20.7 billion in mortgage-related and other charges.

 

Revenue was $21.97 billion, an increase from $13.24 billion a year ago.

 

Analysts had expected the company to report earnings excluding items of 14 cents a share on $22.87 billion in revenue, according to a consensus estimate from Thomson Reuters.

 

The improvement in earnings came after the second-largest U.S. bank cut costs and reduced reserves for loan losses.

 

The Charlotte, North Carolina-based bank has lagged its peers in recovering from the financial crisis, largely due to losses tied to its 2008 purchase of subprime lender Countrywide Financial.

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post #6382 of 6672
7/18/12 at 9:39am

BAC is down 1.07% with better than estimate profits..
 

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post #6383 of 6672
7/18/12 at 11:16am
Quote:
Originally Posted by epoch707 View Post

I'm telling you, this is a zombie bank will be like this for 10 years....

 

Quote:
Originally Posted by epoch707 View Post

BAC has a long way to go, WFC and JPM have better balance sheets. I dunno too much about BAC other than that, I know WFC much better and if I were to bet long term, WFC all the way. There is so much toxic real estate junk and unwinding of derivatives in this bank, don't want to touch this bank with a stick! (so much more so than the other banks I listed)

 

Quote:
Originally Posted by epoch707 View Post

I don't think you understand, there's a lot more going on with this bank than you think. Why buy into a terrible bank with bad management, rather buy a better bank with better positioning and management to go with it. Have you taken a look at its balance sheet? so much bad debt its alarming! Although JPM took a 2 billion loss, I still think the smartest people are working there, lol. In the long run, a better managed bank with ASSETS that actually are able to produce cash flow win, BAC is still trying to reinvent itself. You would see WFC and JPM rise far higher in sooner time than BAC

 

It's your money though...

 

After thorough research, I would not touch this bank. Just warning you guys, there are much better banks out there. JPM looks very cheeeeeeep right now imo. WFC a solid bank. BK good too. C and BAC I wouldn't touch, yucky toxic balance sheeeet

 

Edit: But I guess you can speculate on it lol


Edited by epoch707 - 7/18/12 at 11:32am
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post #6384 of 6672
7/18/12 at 3:13pm

Screw you BAC. JPM rallied after good earnings yet you fell 4%. My calls suck, and I bought so many! BAC continues to screw me, over and over again.

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post #6385 of 6672
7/18/12 at 3:22pm

u will learn with experience that bac is an options killer...

 

and should NEVER be bought bc its of a low price...

 

 

i have black balled with...and will never trade it

 

i think the big boys use bac to make money on options

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post #6386 of 6672
7/18/12 at 3:50pm
Well BAC has got quite the volume on it... no doubt the big boys use it for fun and shenanigans
 
Screen Shot 2012-07-18 at 3.48.59 PM.png
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post #6387 of 6672
7/18/12 at 5:16pm

Could have just as easily went 5% the other way and thats what is frustrating.

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post #6388 of 6672
7/18/12 at 5:33pm

yea im sure they can make several million a day...

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post #6389 of 6672
7/23/12 at 4:21am
How is HSM feeling about BAC? im thinking about picking some calls up monday or tuesday as banks are probably gonna be getting hit. RSI is closing in on 20. Also, I see support in the 6.80 area. Might be an ugly week with lots of bad news. Great buying opp!
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post #6390 of 6672
7/23/12 at 8:15am

Looks like BAC  could see more downside from here and it will be interesting to see if it holds that 6.80 price you mentioned. After that,its 6.40. Just a note that there is a gap to fill all the way down to 5.58.

 

Currently trading at 6.91 in pre-market.

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post #6391 of 6672
7/24/12 at 2:32am
pretty strong around $7.. i shoulda bought at open but was hoping for more downside. missed a scalp
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post #6392 of 6672
7/25/12 at 1:47pm
Quote:
Originally Posted by trade2getrich View Post

Looks like BAC  could see more downside from here and it will be interesting to see if it holds that 6.80 price you mentioned. After that,its 6.40. Just a note that there is a gap to fill all the way down to 5.58.

 

Currently trading at 6.91 in pre-market.


And I was thinking we had bottomed out. Under $6 and I am loading the truck and train up.

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post #6393 of 6672
7/25/12 at 4:14pm
Quote:
Originally Posted by Internationalstocks View Post


And I was thinking we had bottomed out. Under $6 and I am loading the truck and train up.

 

 

If funds are available,I will be right there with you.

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post #6394 of 6672
8/16/12 at 1:09pm

Not sure why but I have a feeling BAC is due for a pop up above $8 either this week or early next week. Quite a bit of buying took place today on the weekly $8 calls for next week.
 

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post #6395 of 6672
8/16/12 at 2:13pm

I'm thinking the market might carry it up a bit.  Went ahead and picked up a few Aug.24 calls at $.10 for a gamble.

 

Looking for this wedge break here:

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post #6396 of 6672
8/17/12 at 10:07am

Just broke to the upside.  Volume coming in nicely on intraday.

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post #6397 of 6672
8/17/12 at 12:39pm
Quote:
Originally Posted by Internationalstocks View Post

Not sure why but I have a feeling BAC is due for a pop up above $8 either this week or early next week. Quite a bit of buying took place today on the weekly $8 calls for next week.
 


Just like I had figured biggrin.gif Calls are up nicely today from yesterday smile.gif

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post #6398 of 6672
8/20/12 at 10:16am

Them calls I picked up last week just made my day smile.gif

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post #6399 of 6672
8/21/12 at 9:04am

 

Possible scenario if it breaks upper resistance. What u guys think?

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post #6400 of 6672
8/21/12 at 9:08am

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