Bank of America: Q2 earnings

Summary of Bank of America's earnings for its second quarter, following which shares went up 1.5% in the pre-market (12:06pm London time).



Earnings per share


$21.6 billion $0.29


$21.75 billion $0.41


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Bank of America was the unexpected standout of the big names, reporting a rise in its trading division instead of the expected fall.

Comparatives helped here, given that trading in the second quarter of 2013 was particularly weak, but Bank of America followed Citigroup’s lead in noting that June saw a pickup in activity.

Legal costs ate into profits, with litigation hitting $4 billion from $471 million, but the cost-saving efforts provided some relief. However, unlike Citigroup, Bank of America still has to settle with the Department of Justice, and this uncertainty will cloud the outlook.

Bank of America shares find themselves almost exactly where they started the year, around the $15.40 mark. The long trend looks under threat, although on a weekly basis the 20-week moving average is still above its 50-week counterpart. The drop through the 200-daily moving average will worry many, and until there is a close above $16 the shares may struggle to make upward progress.

Here is a  full list of US stocks that can be traded outside New York Stock Exchange trading hours of 2.30pm to 9pm (London time).

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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