Global Stock News

Bank of America Stock Breaks Trendline as Q3 Banking Warning Puts $58.90 in Focus

Bank of America Stock Breaks Trendline as Q3 Banking Warning Puts $58.90 in Focus

TradingKey – Bank of America reports a September 14 detailed closing price of $59.47, a 5.14% decrease from the previous day. The stock traded at an intraday low of $58.92. The stock dipped below the rising trendline and moved through the moving average zone of $61.85-$62.08, with CEO Brian Moynihan suggesting at least a 10% decline in Q3 investment-banking fees and relatively unchanged Q3 trading revenues from last year’s level. This shows a reset in Wall Street revenues and should not be interpreted as a negative signal regarding BAC’s consumer, credit and deposit franchises.

Q3 Investment Banking Guidance Triggered the Selloff

The league tables suggest that Wall Street is redefining how it values Bank of America. Moynihan said at the…

Source link

Share this article

Scroll to Top