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BAC

Bank of America

$16.02

0.189 (1.19%)

, HSBC

HSBC

$37.74

0.35 (0.94%)

15:03
10/14/16
10/14
15:03
10/14/16
15:03

On The Fly: What to watch in Bank of America earnings report

Bank of America (BAC) is scheduled to report results of its third fiscal quarter before the market open on October 17, with a conference call scheduled for 8:30 am EDT. What to watch for: 1. BETTER QUARTER: Speaking at the Barclays 2016 Global Financial Services conference on September 12, Christian Meissner, head of Global Corporate and Investment Banking at Bank of America, said the third quarter is "proving to be better" than the second quarter and that M&A has recently been picking up steam. Further, Meissner noted that equity capital markets are "very sluggish," bad loan growth has moderated "significantly" since the beginning of the year, and deposits "a source of strength for us." 2. INFLECTION POINT: On September 16, Goldman analyst Richard Ramsden said he believes Bank of America is hitting an inflection point in operating leverage driven by low single digit growth, stable credit, and absolute reductions in the expense base. The analyst told investors he expects top-line growth to reach approximately 4% annually through to 2018, driven by consumer bank and wealth management initiatives. Ramsden reiterated his Conviction Buy rating on the stock and raised his price target on the shares to $19 from $17 given the combination of revenue growth and expense discipline. 3. BREXIT UNCERTAINTY: In a regulatory filing on August 1, Bank of America pointed out that the Brexit vote has introduced "complexities and variables" in calculating fair values of certain businesses. The bank said net exposure to the U.K. totaled $56.31B as of June 30 and that it now sees legal expenses of up to $1.1B beyond accrued liability, down from up to $2.4B at March 30. The company also noted that the U.K. referendum could create "political stress or financial instability" in Italy, Spain, Greece and Portugal. 4. BLOCKCHAIN TECHNOLOGY: As financial services companies continue to explore the use of blockchain technology to save time and money, HSBC (HSBC) and Bank of America created the world's first application using blockchain to emulate a letter of credit transaction, according to a report Reuters published in August. Late last month, Microsoft (MSFT) and Bank of America also announced a collaboration on blockchain technology. As part of this partnership, the two companies will build and test technology, create frameworks, and establish best practices for blockchain-powered exchanges between businesses and their customers and banks. 5. ACCOUNTING CHANGES: Also last month, Bank of America said in a regulatory filing that, effective as of the third quarter of 2016, it is changing its accounting method under FASB Accounting Standards Codification 310-20. Under this accounting method, the bank will amortize premiums and accrete discounts over the lives of the debt securities and then adjust the unamortized premiums and unaccreted discounts based upon actual principal prepayments. In addition to aligning the accounting method more closely to its peers, Bank of America believes the change will reduce volatility of its reported net interest income.

BAC

Bank of America

$16.02

0.189 (1.19%)

HSBC

HSBC

$37.74

0.35 (0.94%)

MSFT

Microsoft

$56.92

-0.19 (-0.33%)

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    Jan

BAC Bank of America
$16.02

0.189 (1.19%)

09/16/16
GSCO
09/16/16
NO CHANGE
Target $19
GSCO
Conviction Sell
Bank of America operating leverage hitting an inflection, says Goldman
Goldman analyst Richard Ramsden believes Bank of America is hitting an inflection point in operating leverage driven by low single digit growth, stable credit, and absolute reductions in the expense base. The analyst believes topline growth will reach approximately 4% annually through to 2018, driven by consumer bank and wealth management initiatives. Ramsden reiterates his Conviction Buy rating on Bank of American and raised his price target to $19 from $17 given the combination of revenue growth and expense discipline.
09/13/16
SOCG
09/13/16
DOWNGRADE
Target $42
SOCG
Sell
Societe Generale cuts Citi to Sell, Bank of America to Hold
Societe Generale downgraded Citi (C) to Sell from Hold and Bank of America (BAC) to Hold from Buy. The firm has a $42 price target for shares of Citi and attributes an increased negative stance on Cards for the downgrade. Societe Generale has a $17 price target for Bank of America and cites revenue growth for the downgrade to Hold. Citi is trading down 86c to $46.93 and Bank of America is trading down 19c to $15.71.
10/10/16
OPCO
10/10/16
NO CHANGE
OPCO
Oppenheimer technical analyst upgrades Financials, downgrades Consumer Staples
Oppenheimer technical analyst Ari Wald upgraded the Financials sector to Market Weight and downgraded Consumer Staples to Underweight in next step in the firm's "cyclical rotation road map." Wald identified Ameriprise (AMP), Bank of America (BAC), Citi (C), Goldman Sachs (GS), Lincoln National (LNC) and SunTrust (STI) as six stocks breaking higher that he sees as likely to benefit from internal market rotation.
10/11/16
COMP
10/11/16
INITIATION
Target $13
COMP
Neutral
Bank of America initiated with a Neutral at Compass Point
Compass Point analyst Charles Peabody initiated Bank of America with a Neutral and a $13 price target.
HSBC HSBC
$37.74

0.35 (0.94%)

09/14/16
09/14/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. American Airlines (AAL) downgraded to Neutral from Buy at UBS with analyst Darryl Genovesi citing relative outperformance. The analyst raised his price target to $38 from $35. 2. Coach (COH) downgraded on sustainability of turnaround efforts at Morgan Stanley with analyst Kimberly Greenberger saying the company delivered on fiscal 2016 financial targets but the 10-K suggests the turnaround is unsustainable and was achieved in an "unhealthy manner." 3. Freeport McMoRan (FCX) downgraded to Underweight from Equal Weight at Morgan Stanley with analyst Evan Kurtz saying risk/reward is skewed to the downside as the stock is now pricing in $2.75/lb copper, above the firm's $2.43 average over the next 3 years. 4. HSBC (HSBC) downgraded to Neutral from Buy at UBS with the firm citing valuation following the recent rise in the shares. 5. Intersil (ISIL) downgraded to Hold from Buy at Deutsche Bank and to Neutral from Buy at B. Riley. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/14/16
UBSW
09/14/16
DOWNGRADE
UBSW
Neutral
HSBC downgraded to Neutral from Buy at UBS
UBS downgraded HSBC to Neutral citing valuation following the recent rise in the shares.
09/13/16
SBSH
09/13/16
DOWNGRADE
SBSH
Neutral
HSBC downgraded to Neutral from Buy at Citi (earlier)
Citi analyst Ronit Ghose earlier today downgraded HSBC to Neutral citing the recent rally in the shares.
08/04/16
BOFA
08/04/16
UPGRADE
BOFA
Buy
HSBC upgraded to Buy from Neutral at BofA/Merrill
MSFT Microsoft
$56.92

-0.19 (-0.33%)

10/13/16
NOMU
10/13/16
NO CHANGE
Target $65
NOMU
Buy
Microsoft expected to report a solid quarter, says Nomura
Nomura analyst Frederick Grieb expects Microsoft to report a solid Q1 driven by strong performance in Productivity and Business Process andIntelligent Cloud along with continued, single-digit declines in More Personal Computing results. The firm's reseller survey indicates Microsoft came in above plan for the quarter as resellers were positive on the Office 365 model transition. Grieb believes the transition to Office 365 is above plan, declines in the Windows business have likely moderated and the company should continue to outperform on operating expenses. The analyst rates Microsoft a Buy with a $65 price target.
10/12/16
WELS
10/12/16
NO CHANGE
WELS
Market Perform
Wells doesn't see Apple as biggest beneficiary from Samsung issues
Wells Fargo analyst Maynard Um attributes the recent rally in shares of Apple (AAPL), at least in part, to Samsung's (SSNLF) issues with its Note 7 phones. Apple gained an incremental $14B in market capitalization at its intraday peak, which the analyst believes embeds more than 3M of incremental iPhone 7 Plus units. Samsung's production halt will help Apple, but other Android vendors with 5.7 inch phones could see a bigger benefit if Android users prefer to stick with Android, Um tells investors in a research note. He points out that LG, Kyocera, and Microsoft (MFST) have 5.7 inch Android phones at U.S. carriers. Um thinks expectations for Apple into earnings "have risen materially." He keeps a Market Perform rating on the iPhone maker. Apple closed yesterday up 25c to $116.30.
10/06/16
OPCO
10/06/16
NO CHANGE
OPCO
Microsoft, Amazon well positioned to enable cloud, AI trends, says Oppenheimer
Oppenheimer analyst Timothy Horan notes that machine learning and artificial intelligence have been use to improve applications and acceleration of infrastructure builds, with "intelligent software" designed to make lives easier and more productive. Further, the analyst sees communications and cloud services continuing to converge, with infrastructure and data as key components to AI. Microsoft (MSFT) and Amazon (AMZN) Web Service are well positioned to enable these trends, he contends, adding that he see colocation providers, such as Equinix (EQIX) and Interxion (INXN), and networking companies like Zayo Group (ZAYO) GTT Communications (GTT) as beneficiaries.
09/26/16
CANT
09/26/16
NO CHANGE
Target $42
CANT
Buy
Yelp takeout chances increased with share conversion, says Cantor
Yelp's (YELP) conversion of Class B super-voting shares into regular Class A shares late last week increases the company's takeout potential, Cantor Fitzgerald analyst Youssef Squali tells investors in a research note. Yelp, especially following recent improvements in the underlying growth fundamentals of the business, has become "an easier, and more likely" acquisition target, the analyst contends. The analyst views Facebook (FB), Priceline (PCLN), TripAdvisor (TRIP) and Microsoft (MSFT) as potential acquirers of Yelp. Squali estimates Yelp could be worth $53 per share in a takeout. He keeps a Buy rating on the stock with a $42 price target. The stock is up 2% to $40.35 in early trading.

TODAY'S FREE FLY STORIES

FNB

F.N.B.

$15.52

-0.15 (-0.96%)

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NVDA

NVIDIA

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$1.42

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MGEN

Miragen Therapeutics

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MTG

MGIC Investment

$10.55

-0.055 (-0.52%)

11:51
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MGIC Investment with 11.5X average daily optoin volume driven by a bullish play »

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WLL

Whiting Petroleum

$11.06

-0.09 (-0.81%)

11:46
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Options
Whiting Petroleum call volume above normal and directionally bullish »

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SPWR

SunPower

$8.99

0.53 (6.26%)

11:36
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SunPower put volume heavy and directionally bearish »

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IDRA

Idera Pharmaceuticals

$1.73

0.05 (2.98%)

11:33
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TRIL

Trillium Therapeutics

$5.90

-0.1 (-1.67%)

11:32
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VISI

Volt Information Sciences

$7.35

-0.1 (-1.34%)

, CCRN

Cross Country Healthcare

$15.89

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CCRN

Cross Country Healthcare

$15.89

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MCO

Moody's

$112.59

-0.64 (-0.57%)

11:31
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Leerink analysts hold an analyst/industry conference call »

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VIVHY

Vivendi

$17.95

-0.06 (-0.33%)

, MDIUY

Mediaset

11:28
02/24/17
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VIVHY

Vivendi

$17.95

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MDIUY

Mediaset

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FSLR

First Solar

$37.19

3.62 (10.78%)

11:26
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First Solar call volume above normal and directionally bullish »

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GS

Goldman Sachs

$247.19

-4 (-1.59%)

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ALNY

Alnylam

$46.25

0.3 (0.65%)

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$NSD

NASDAQ Market Internals

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$NYE

NYSE Market Internals

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MBLY

Mobileye

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HBI

Hanesbrands

$20.96

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Wix.com

$63.25

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SNCR

Synchronoss

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RXN

Rexnord

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