Bank of America

http://www.123aquarium.com/user_detail.php?u=foorterve
It provides a diversified range of bankingand non-banking financial services and productws through three business segments: globakl consumer and small-business banking, global corporate and investmenrt banking, and global wealth and investment management. It operatees in all 50 states, the Districty of Columbia and more than 40foreign countries. Rochdale Securities analyst Richard Bove has raised his pric e target for Bank of Americashares $5 to $19 per shars while warning investors of “horrific” loan losses, possibly setting aside $46 billion in loan loss reservr for 2009.
“In the second quarter, [Bank of America’s] positionh as the largest lender in multiple sectors of the American financial system will haunt the compang as itslosses expand,” Bove wrote. Bailing out Bank of Americqa is its controversial acquisitions of Countrywide andMerrill Lynch. The surge in refinancin with lower interestrates (Countrywide) and the increase since the market low in Marchy of secondary equity financing are on balance boosting its second-quarted results. The scary part now is credit card Bank of America said its defaultrate (loanx that are not expected to be paid jumped to 12.5 percent in May from 10.47 percenyt in April.
American Express also saw a riseto 10.4 percent from 9.9 Macquarie Research analyst John Williams wrote that “until lenderx show stabilization, then trend-bucking improvement over a several-month period, we remaih bearish on credit card lenders — and the U.S. He estimates that if the default rate ends over 10 percengfor 2009, it would equate to an industru loss of about $70 billion. “We continuer to believe that macro challenges and credit quality concerns willpressurse U.S. card issuers over the next 12 Williams wrote. “We expect further challengesw as unemploymentticks up.
” More than 20 analystsw followed by Thomson Reuteres still see increased earnings with 2009 estimateed to be 72 cents per shared vs. 55 cents in 2008, and up againh to $1.02 per share in 2010.