Wednesday, July 18, 2012

BofA stock pointed higher in pre-market trading

Welcome to the morning roundup. Here's a look at what's news in banking and finance this morning.

BofA pointed higher. Bank of America stock was pointed higher in pre-market trading after the bank reported second quarter earnings of 19 cents per share, beating analysts estimates. The results are a stark difference from a year ago, when the Charlotte bank posted its largest loss ever on a huge write-down.

Libor woes. Regulators at the Federal Reserve and CFTC say that the key Libor interest rate is still flawed and lacks credibility, The New York Times reports. Lawmakers have turned their attention to the rate after Barclays settled charges that it manipulated it.

Goldman cuts. After posting disappointing results in the second quarter, Goldman Sachs will cut several hundred jobs and trim half a billion from its expenses, the Wall Street Journal reports. The investment bank's staff is already 17 percent smaller than in 2010.

Fed hesitant. Federal Reserve Chairman Ben Bernanke told a Senate committee that the Fed is still trying to determine whether the economy is recovering or is still "stuck in the mud," The New York Times reports. The comments are likely a signal that the Fed is hesitant to take further dramatic action to spur the economy.


Anonymous said...

Wake me up when it hits $40.00.