NEW YORK (Reuters) - Bank of America Corp posted a second quarter loss, after taking more than $20 billion of mortgage-linked charges.
The following are comments from analysts and investors:
MATT MCCORMICK, PORTFOLIO MANAGER AT BAHL & GAYNOR INVESTMENT COUNSEL INC. IN CINCINNATI:
RICK MECKLER, PRESIDENT OF LIBERTYVIEW CAPITAL MANAGEMENT IN JERSEY CITY:
"The stock was reacting as if there was some sort of upcoming doomsday announcement and I don't think that is reflected in the numbers. It seems to indicate a bank that is making its way back but is still hampered by its mortgage problems. It was not as negative as people had priced the stock for. It indicates there is some stability below the surface of this bank."
ANDREA JAO, FINANCIAL INSTITUTIONS TRADING DESK ANALYST AT COWEN & CO IN NEW YORK:
"Bank of America's results are in line with the pre-announced number and in line with general trends.
Yesterday the stock came down a bit more than the general market, reflecting continuous concerns, especially in terms of the mortgage business. During the conference call, market participants (will) pay special attention to that business and any indication of continuing charges.
The results aren't bad at all."
CORT GWON, CHIEF STRATEGIST, HUDSONVIEW CAPITAL MANAGEMENT IN NEW YORK:
"This is in line with expectations, the big concern was that they were going to have more write-offs than anticipated from the settlement. But if they can put the settlement behind them, they should do well, especially with the yield curve steepening a little."
(Reporting by Ryan Vlastelica, David Henry, Aleksandra Michalska, compiled by Knut Engelmann)