U.S. Morning Call: Bank of America profit soars 70 pct
Tuesday, July 16, 2013 - 03:47
July 17 - Bank of America, the second-biggest U.S. bank by assets, reported a 70 percent rise in second-quarter profit on falling expenses.
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Picking up your morning call for Wednesday your results from Bank of America. Profit rose 70%. As the bank -- on earnings and revenue. Bank of America's results falling in line with pierce city Goldman and JPMorgan which also posted strong results. CEO Brian Moines hand projecting a decline in mortgage delinquencies by the fourth quarter. Kind of put aside the bank still has a number of pending lawsuits including one with AIG where it's looking to pay at eight and a half billion dollars over soured mortgage backed securities. This figure could balloon to much more as AIG recently challenged the settlement. Shareholders will probably have questions about that on the earnings call. Bank of America shares up almost 22% since January and 78%. For the last twelve months. This morning they're trading above fourteen dollars that's 52 week high. After the bell it's the big tech firms reporting. First Intel's expected to post and stale earnings according to most analysts the PC chip market where Intel is dominant continues to decline. Meanwhile Intel still struggling to grow its mobile chip business currently dominated by the likes of Qualcomm. The good news is that Intel has nowhere to go but up in mobile. Big blue will also report in May have been a tough quarter for IBM to in the first quarter it blamed currency headwinds in Japan for its weak earnings. But guess what the -- early and troubles. Job cuts and some buybacks may soften the blow. Calling for more cost cutting this time around could be worrisome. -- on eBay analysts say its second quarter gains could brighten the mood. Look for a strong performance from PayPal which has been a huge growth driver for each day. Ben Bernanke heading to the hill today for his semi annual testimony before the house financial services committee. Analysts expect Big -- to stick to the script that the Fed will remain flexible when it comes to public the economy. But at this time I'll probably remind lawmakers that the Fed's ultra easy policies can't last forever. US stock futures putting to a negative open as investors await his words. Also lots of housing data out today but that he -- keep an eye on will be the thirty year mortgage rates. Last week it jumped to four point 68%. Pushing down refinancing activity and new mortgage applications. Ever -- stocks to watch according to UBS fewer Americans are upgrading their Smartphones. Last year about 68 million people upgraded in the US that's down more than 9% from a year earlier. The trend is biting into revenue at companies like apple and AT&T. Recently T-Mobile -- -- plans to make it easier to trade in your -- phone. Our next stock to watch is Google trading near 920. Dollars in the premarket. The Wall Street Journal reports Google's jump into the online TV space already cluttered by the likes of apple Intel Amazon you name it. The streaming service would be both on demand and offer bundled channels just like cable and satellite providers. Wrapping up with Yahoo! even after reporting weaker revenue. We share price is getting a thumbs up from a number of brokers including JPMorgan. Who raise its price target to thirty dollars per share. That's it fear Wednesday morning call remembered follow us on Twitter at latest insider and get -- -- video -- dot com slash.
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