CA - Bank of America Up 5% Post-Earnings: I'll Sit Tight
2024-07-18 08:03:09 ET
Summary
- Bank of America released its second-quarter earnings yesterday, easily beating the Street's estimates.
- The release showed high growth in investment banking fees.
- Other parts of the release weren't as good. For example, net interest income declined 3%.
- I've begun taking small amounts of profit on BAC stock and will probably trim the position again if we see $50 soon.
Bank of America ( BAC ) released its earnings on Tuesday. When I checked the stock after the release came out, I was pleasantly surprised to see that it gained 5.5% in early trading. It ended up holding the gains for the better part of the day. Although Bank of America’s release beat expectations on both revenue and earnings per share (“EPS”), the company delivered no growth in the quarter. The nature of these earnings was the reason why the post-ER rally surprised me: although earnings beat expectations, the “absolute” performance wasn’t great....
Bank of America Up 5% Post-Earnings: I'll Sit Tight