Bank of America posts sturdy earnings, jockeys for position in ‘stronger America’ [MarketWatch]
Wells Fargo & Company (WFC)
Last wells fargo & company earnings: 4/14 07:46 am
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Source: MarketWatch
Bank of America posts sturdy earnings, jockeys for position in ‘stronger America’ Shares of Bank of America Corp. slid on Wednesday, even as the bank reported generally positive quarterly results muddled by various one-time charges and benefits. Taking into account a hit from the tax overhaul, the bank had a profit of $2.4 billion in the fourth quarter. With the one-time charge stripped out, net income was $5.3 billion, up from a year ago, when it booked a $4.5 billion profit. Read: These companies will take a huge profit hit from lower tax rates Some of the details of the bank’s earnings were rosier than the stock performance suggested. “Core trends look pretty good,” said Ken Usdin, a Jefferies analyst. Usdin cited investment banking fees that fell less than he’d expected, and trading revenues that made Bank of America BAC, -0.67% “the best of the group so far.” Usdin maintained a “buy” rating on the stock, and a price target of $35, or about 13% above its Wednesday trading le
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