Bank of America

Bank of America

Insider Stock Buying Drops To Lowest Level In Five Years

“The best-informed market participants seem unenthusiastic about U.S. stocks at current prices,” said David Santschi, chief executive officer at TrimTabs.  “Insider buying is running at the slowest pace for October in the past five years.”

Austria Sells €2 Billion In 70 Year Bonds, Pushes Global Duration Risk To Record High

The latest evidence of the unprecedented scramble for yield and duration came yesterday when it was revealed that Austria would join the rest of the Eurozone in selling ultra-long dated debt in the form of 70 Year bonds. It didn't take long to find willing buyers, and moments ago Bloomberg reported that this offering has just priced to yield 53 bps more than that on the February 2047 security.

AT&T Purchase Of Time Warner Greeted By Skepticism On Wall Street, Scrutiny In Congress

15 years after it was part of one historic merger, Time Warner is getting bought again, and while the current deal is roughly half the size of AOL's historic $164 billion acquisition of Time Warner in 2000 it's still a big enough deal that it's drawing attention on the campaign trail from both candidates, and to generate millions in revenues for Wall Street banks eager to sell the $40 billion in debt needed to fund the deal.

David Rosenberg Calls For A Multi-Trillion, "Helicopter Money" Stimulus Package

David Rosenberg has a modest proposal in mind for the US economy: he says only a massive, multi-trillion stimulus package which includes helicopter money attached to a $2 trillion perpetual bond, massive infrastructure spending and measures to tackle the $1 trillion student debt load, has any hope of kickstarting the US economy.

Global Stocks Rebound As Fed Fears Ease, Dollar Falls From 7 Month High

If yesterday's session was marked by concerns about Fed tightening and rising long-end rates, today concerns about a hawkish Fed have subsided, with European, Asian stocks and S&P futures all rising amid speculation Federal Reserve policy will remain accommodative after yesterday's dovish comments by Fed vice-Chair Stan Fischer, as well as weak economic data helped push the US Dollar off its 7 month highs.

Bank of America Beats: Earnings Rise 7.3% On Rebound In Capital Markets, Expense Cuts

The last big US bank to report Q3 earnings in a 48 hour flurry of bank reports was Bank of America, which moments ago announced that it had earned $0.41 in the third quarter, above the $0.34 expected, driven by $21.6 bilion in revenue, which also beat estimates of $20.8 billion, higher by $600 million compared to a year ago period, as a result of a strong rebound in global market earnings which jumped by 34% from $800 million to $1.1 billion as well as a 22% increase in Global Banking from $1.3 billion to $1.55 billion.

Inflation Is About To Spike Due To The "Base Effect"

In June, oil was still down 20% relative to a year prior. Last month, that year-over-year change had already risen to 0%. And if prices hold at current levels, oil will be up 45% at year-end. To repeat for emphasis, that’s -20% YoY to +45% YoY in the space of six months."

The End Of Growth's "Fake Elixir"

The global elites’ false promise that neoliberal economics would cure all ills through the elixir of endless growth helps explain the angry nationalist movements ripping apart the West’s politics...

Restaurant Industry In Gloom As Number Of Americans Eating Out Tumbles

When it comes to one of America's favorite pastimes, eating out, the "recovery" fiction peddlers have finally won: according to the latest Restaurant sales data, not only has the number of Americans eating in restaurants tumbled, but restaurant operators are the gloomiest they have been about the state of their industry since the financial crisis.