The big banks have reported strong earnings this week, and traders on StockTwits are betting the trend will continue with Bank of America (BAC), which releases second-quarter results Wednesday.
But the enthusiasm for Bank of America quickly fizzled out as the broader market turned negative.
What gives? Well, everyone knows, you always sell Bank of America before earnings. Or you always buy it before earnings. Sorry, you hold it into earnings. You sell it after. Wait, what?
Got it, sell now, buy tomorrow. No pigs or cheerleaders here.
Ok, hold now, sell tomorrow. Thanks for clearing that up. What if this time it's different?
Anyone else want to take a stab?
One thing is for sure, Bank of America is not going to fall below $14 a share, until it did.
Later that morning...
Of course, it's still relatively early.
Breathing is important, maybe just let them breathe all day?
So what is all the fuss about anyway?
Bank of America is expected to report earnings of 25 cents per share for the second quarter, up from 19 cents in the same period a year ago, according to a consensus of Wall Street analysts.
This article was published in the June issue of Money magazine.
By Paul R. La Monica
Insider buying doesn't get as much attention as selling, but it can point you to good values.
With the S&P 500 near record highs, you're seeing a surge of insider selling. Normally the dollar value of selling tops buying by 8.5 to 1, according to TrimTabs Investment Research. In the first quarter, the ratio reached 10.5 to MOREMay 29, 2013 10:40 AM ET
It's that time of year again. Most of the nation's big banks have disclosed how much chief executives earned in 2012. While some had their compensation cut, others received hefty raises.
One caveat: Wells Fargo (WFC) CEO John Stumpf, who received $17.6 million in total compensation in 2011, is not on the list. Wells has not yet disclosed Stumpf's 2012 compensation.
Lloyd Blankfein: $21 million
The CEO of Goldman MOREBen Rooney - Feb 25, 2013 5:26 AM ET
Bank stocks have been on a tear in 2012. Monday was no different, as shares of big banks pushed the broader market higher.
Bank of America (BAC), Citigroup (C), Goldman Sachs (GS) and Morgan Stanley (MS) all climbed more than 2%, while Wells Fargo (WFC) rallied more than 3%. AIG (AIG) shares were up after the company said it plans to sell its stake in AIA Group, a Hong Kong-based life insurance MOREHibah Yousuf - Dec 17, 2012 12:59 PM ET
As customers move toward mobile banking, is an online-only and branch-less bank the bank of the future?
Bank of Internet's CEO Gregory Garrabrants told an audience at an investing conference in San Diego last week that his bank, with roughly $2.4 billion in assets, can compete with its larger rivals because it's not weighed down by real estate costs and has a lean staff.
Garrabrants, speaking at Stocktoberfest, a conference run by social MOREMaureen Farrell - Nov 1, 2012 3:22 PM ET
Residents up and down the East Coast affected by Superstorm Sandy can at least breathe easy on one front: banking.
Most banks have told customers who were impacted by Sandy that they will waive fees through at least Wednesday.
Citigroup (C), Bank of America (BAC) and TD Bank (TD), said they'll waive overdraft fees on deposit accounts and late fees on all loans, as well as fees incurred from using other MOREMaureen Farrell - Oct 30, 2012 3:29 PM ET
Massachusetts regulators on Friday fined a Citigroup unit $2 million for failing to prevent analysts from illegally leaking confidential information about Facebook's initial public offering.
Citigroup (C) was one of several banks that competed to underwrite Facebook's (FB) IPO, along with lead underwriter Morgan Stanley (MS), Goldman Sachs (GS), Bank of America (BAC) and others.
Under U.S. securities law, IPO underwriters are not allowed to publish research on a company until MOREBen Rooney - Oct 26, 2012 11:11 AM ET
The opinions expressed in this commentary are solely those of Paul R. La Monica. Other than Time Warner, the parent of CNNMoney, and Abbott Laboratories, La Monica does not own positions in any individual stocks.
It's been a great year for bank stocks. The KBW Bank Index (BKX) has surged more than 30%, easily outperforming the broader market. And Bank of America (BAC) is up nearly 70%, making it by far MOREPaul R. La Monica - Oct 11, 2012 12:29 PM ET
The world's top mutual fund managers say the U.S. stock rally is about to come to an end.
More than half, or 58%, of 253 fund managers surveyed by Bank of America Merrill Lynch say stocks are the most overvalued investments in the world. That's up from 51% in an August survey.
Many investors and market watchers have been confounded by the U.S. stock market rally of 2012 amid what appears MOREMaureen Farrell - Sep 19, 2012 12:23 PM ET
Banks have had their share of bad publicity recently, but investors continue to give them the benefit of the doubt.
Standard Chartered (SCBFF) is a prime example.
The British bank's stock has recouped nearly all of the losses sustained earlier this month, when the bank was accused of laundering money for Iran.
U.S.-listed shares plunged to a low of $18.65 on Aug. 7, one day after banking regulators in New York threatened to MOREBen Rooney - Aug 24, 2012 7:04 AM ET
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