This is the single most important line item. Wonder why credit markets feel heavy? Why Primex of all things is weaker? It is not just European banks shrinking balance sheets. It is not just households. It is some US banks as well. You can improve your capital ratio by raising capital. You can also improve it by selling assets. With cost of debt soaring, it makes sense to sell assets that have yields above where you borrow. I would not expect credit assets to recover quickly in this environment. As IG gets cheap, HY will have to as well. Stocks, well, credit deleveraging is rarely good for them just me or are banks the only ones crushing earnings? the SPX P/E will be CHEAP, but cheap for a reason.
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BUS 10/18 11:00 Bank of America Reports Third-Quarter 2011 Net Income of $6.2 Billion, or $0.56 Per Diluted Share
BN 10/18 11:10 *BANK OF AMERICA SEES SEVERANCE/TECHNOLOGY COSTS DURING PHASE 1
BN 10/18 11:06 *BOFA 3Q EPS 56C ON ITEMS, MAY NOT COMPARE WITH EST. 21C :BAC US
BN 10/18 11:05 *BANK OF AMERICA 3Q INCLUDES TAX EXPENSE $1.2B :BAC US
BN 10/18 11:01 *BANK OF AMERICA REDUCED BALANCE SHEET BY $42B FROM 2Q :BAC US
BN 10/18 11:01 *BANK OF AMERICA HAD $2.2B PRETAX LOSS PVT EQUITY/INVESTMENTS
BN 10/18 11:00 *BANK OF AMERICA HAD $1.7B PRETAX GAIN IN DVA :BAC US
BN 10/18 11:00 *BANK OF AMERICA HAD $3.6B PRETAX GAIN ON CCB SALE :BAC US
BN 10/18 11:00 *BANK OF AMERICA HAD $4.5B PRETAX POSITIVE FAIR VALUE ADJUSTS
BN 10/18 11:00 *BANK OF AMERICA 3Q TIER 1 CAPITAL RATIO 11.48% :BAC US
BN 10/18 11:00 *BANK OF AMERICA 3Q 2011 NET OF $6.2B OR $0.56-SHR
BN 10/18 11:00 *BANK OF AMERICA 3Q TIER 1 COMMON EQUITY RATIO 8.65% :BAC US
BN 10/18 11:00 *BANK OF AMERICA 3Q REVENUE NET OF INTEREST EXPENSE $28.5B
BN 10/18 11:00 *BANK OF AMERICA 3Q PROVISION FOR CREDIT LOSSES $3.41B :BAC US
BN 10/18 11:00 *BANK OF AMERICA 3Q COMMERCIAL BANK REVENUE $2.53B :BAC US
BN 10/18 11:00 *BANK OF AMERICA 3Q EPS 56C :BAC US
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Bank of America 3Q 56c, May Not Compare to Est. 2011-10-18 11:03:07.491 GMT
By Brad Skillman
Oct. 18 (Bloomberg) — Bank of America posts 3Q EPS 56c, including items such as positive fair value adjustments on structured liabilities, pretax gain from the sale of shares of China Construction Bank
* Not immediately clear how it compares with est. 21c
* Tier 1 common equity 8.65%
* Tier 1 capital ratio 11.48%
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Link to Company News:{BAC US <Equity> CN <GO>}
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To contact the editor responsible for this story: Brad Skillman at +1-212-617-2763 or bskillman1@bloomberg.net
