Bank Of America's Stock Heads Toward Lowest Close In Over Two Years
Bank of America Corp.'s stock turned down 2.4% in active midday trade, and was on course for the lowest close in over two years, as the banking giant's disappointing fourth-quarter revenue offset a profit beat. The stock, which was the most-active in the U.S. market with 81.5 million shares traded as of 12 p.m. Eastern, had been up as much as 2.3% early in the session before losing ground. BofA's fourth-quarter earnings beat expectations for the third-straight quarter, but revenue as measured by net interest income missed for the second-straight quarter, and seventh of the last eight, according to FactSet. Total revenue also rose less than expected. In a conference call with analysts, Chief Financial Officer Paul Donofrio said that although the U.S. economy is improving slowly, "revenue growth remains challening," according to a transcript provided by FactSet. The stock, which was on track to close at the lowest level since November 2013, has tumbled 13% over the past three months, while the S&P 500 has lost 7.1%.
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