[ad_1]
Bank of America Corp. weighs in with its third-quarter earnings update as the bank looks to continue the momentum from the first half of the year.
Here’s what to expect when the banking conglomerate
BAC,
delivers its numbers before the opening bell.
What to expect
Earnings: Bank of America is expected to post third-quarter earnings of 81 cents a share, down from 84 cents a share in the year-ago quarter, according to FactSet consensus estimates.
Analysts have trimmed their profit only slightly from the forecast of 83 cents a share at the start of the quarter, as Bank of America’s large consumer banking unit benefits from a relatively strong U.S. economy and jobs picture.
Revenue: Analysts are looking for the bank to post revenue of $25.13 billion for Bank of America, up from the year-ago figure of $24.5 billion.
Stock movement: Caught up in the bearish sentiment in the sector, Bank of America stock dropped 4.6% during the third quarter. In the past month, Bank of America’s stock has dropped by 6.1% in the past month, compared to a 1.7% drop by the S&P 500
SPX.
What else to watch for: Bank of America will provide updates on its deposits, which have been in the spotlight as account holders move money into higher-yielding product such as certificates of deposits.
One bright spot could be Bank of America’s trading volumes in its fixed-income business, amid money movements in global markets and fluctuations in bond yields.
As key data points such as the monthly jobs report continue to reflect a strong consumer, Bank of America’s large credit-card business may provide insight into the state of the economy.
[ad_2]
Source link
