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☆ Starbucks customers can now earn
▼ + stars: | 2024-02-15 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Starbucks customers who use a Bank of America card will now get additional cash back for their purchases as part of a new partnership between the two companies. The expanded rewards are in addition to the existing cash back and stars that both companies already offer to customers. Expanding Starbucks Rewards gives the chain access to customers’ data and ordering habits, which in turn helps the company target members with deals, a stated goal for the company. In 2022, Starbucks partnered with Delta Air Lines to give bonus SkyMiles to registered customers. Starbucks members typically spend more money on each purchase compared to non-members.

Persons: cardholders, “ Organizations: New, New York CNN, of America, Bank of America, Starbucks, Bank, America’s, Delta Air Lines Locations: New York

☆ The 10 best undervalued small-cap stocks to buy now: Morningstar
▼ + stars: | 2024-02-11 | by ( Mark Reeth | ) www.businessinsider.com time to read: +4 min

2023 was the year of large-cap stocks, but 2024 may go down as the year small caps made their comeback. Small stocks, big possibilitiesEarlier this year, Bank of America’s head of US small & mid-cap strategy Jill Carey Hall outlined her take on so-called “SMID-cap” stocks in 2024. Her argument is simple: small-cap stocks are cheap, particularly value stocks, and they’re well-positioned to capitalize on market trends this year. Therefore, while small-cap stocks seem substantially cheaper than their large-cap counterparts, careful asset selection is needed, and we think it’s important to focus on quality.”10 best undervalued small-cap stocks to buyThere’s clearly an opportunity to be had in small-cap value stocks, though that opportunity still comes with its own risks. She recently compiled advice from Morningstar analysts into a list of the 10 best small-cap stocks to buy.

Persons: Jill Carey Hall, “, ” Carey, ”, Dave Sekara, Wharton, Jeremey Siegel, I'm, ” Siegel, there’s, Sekara, Morningstar, Tyler Dann, Susan Dziubinski Organizations: Meta, Nvidia, Business, Bank of, ” Morningstar, CNBC, Morningstar

☆ Bank of America Reverses Its Pledge Not to Finance Fossil Fuels
▼ + stars: | 2024-02-03 | by ( Hiroko Tabuchi | ) www.nytimes.com time to read: +1 min

Two years ago, Bank of America won kudos from climate activists for saying it would no longer finance new coal mines, coal-burning power plants or Arctic drilling projects because of the toll they take on the environment. The bank’s latest environment and social-risk policy reneged on those commitments. Wall Street in particular has come under fire for what some Republicans have called “woke capitalism,” a campaign that has pulled banks into the wider culture wars. States including Texas and West Virginia have passed financial regulations designed to ward off efforts to deny fossil-fuel companies access to banking services. In New Hampshire, state lawmakers have sought to criminalize the business principle known as E.S.G., shorthand for environmental, social and governance.

Persons: ” Organizations: of America, ” Bank, Republican Locations: Texas, West Virginia, New Hampshire

☆ Boeing was once known for safety and engineering. But critics say an emphasis on profits changed that
▼ + stars: | 2024-01-30 | by ( Chris Isidore | ) edition.cnn.com time to read: +22 min

Boeing is back in the headlines for all the wrong reasons again after the Alaska Airlines 737 Max 9 incident. Boeing workers participating in a "Quality Stand Down" at Boeing's 737 Max factory in Renton, Washington on January 25, 2024. One of the first Boeing 737 Max jets on the production line at the company's manufacturing facility in Renton, Washington, U.S., on Monday, Dec. 7, 2015. The airlines around the world that have already bought Boeing planes basically need to keep using those models, whatever the problems. Commercial pilots are certified on specific models and are not able to easily move from single-aisle to widebody versions of Boeing jets, let alone between a Boeing and an Airbus jet.

Persons: I’m, Dave Calhoun, we’ve, ”, “, Calhoun, Max, Jason Redmond, Stan Deal, Ed Pierson, McDonell Douglas, Critics, ” Ron Epstein, McDonnell Douglas, Jim McNerney, Tammy Duckworth, Aaron Schwartz, ‘ We’re, Richard Aboulafia, Joshua Drake, Boeing Calhoun, Bank of America’s Epstein, it’s, Pierson, Max ”, Robert Clifford, people’s, ” Calhoun, David Ryder, Aboulafia, Boeing’s Organizations: New, New York CNN, Boeing, Alaska Airlines, National Safety Transportation Board, Pilots, Max, Alaska Air, Getty, Foundation for Aviation Safety, CNN, “ Boeing, Bank of America, General Electric, Procter, Gamble, McKinsey, Co, GE, Associated, Pentagon, Capitol, FAA, Airbus, Joshua Drake Photography, Blackstone Group, Nielsen, Bank of, Aviation, Bloomberg, Ethiopian Aircraft Accident, US National Transportation Safety Board, Internal Locations: New York, Renton , Washington, AFP, Alaska, Soviet Union, Pacific, Chicago, Seattle, Washington, DC, Mobile , Alabama, Wichita, Oklahoma, Carolina, South Carolina, Calhoun, Indonesia, Ethiopia, Renton , Washington , U.S

☆ Markets tried to fight the Fed on rate cuts. It didn’t work
▼ + stars: | 2024-01-21 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

Now there’s roughly a 50/50 chance that the Fed could either cut rates or hold them steady in March, according to futures. A few developments this past week tempered investors’ optimism, and now the possibility of a rate cut in March could be completely thrown out the window, according to economists. He echoed other Fed officials who’ve recently said that beginning to cut rates in March is just not realistic. In addition to officials’ comments, recent economic data also doesn’t bode well for a March rate cut. Markets are expecting twice as many rate cuts this year than what Fed officials themselves estimated in their latest economic projections released in December.

Persons: ’, Christopher Waller, ”, who’ve, Loretta Mester, “, Mary Daly, it’s, Daly, bode, Waller, ” Bill Adams, ” Daniel Altman, Jerome Powell’s, Donald Trump, Christine Lagarde, couldn’t, Jamie Dimon, Trump, Joe Biden, Bank of America’s Brian Moynihan, OpenAI’s Sam Altman, Johnson, Lockheed Martin, Levi Strauss, Booz Allen Hamilton, CNN’s Elisabeth Buchwald Organizations: CNN Business, Bell, DC CNN — Federal Reserve, Fed, Brookings Institution, ” Cleveland Fed, Bloomberg, ” San Francisco Fed, Fox Business, Commerce Department, Labor Department, Employers, Comerica Bank, CNN, Biden, Trump, Economic, European Central Bank, ”, JPMorgan, Bank of America’s, United Airlines, The Bank of Japan, Netflix, General Electric, Procter, Gamble, Johnson, Verizon, Lockheed, Haliburton, Tesla, IBM, Bank of Canada, Global, American Airlines, Southwest Airlines, Alaska Airlines, Co, Visa, Intel, Mobile, Comcast, Capital, US Commerce Department, Chicago Fed, US Labor Department, American Express, Colgate, Palmolive, Booz, National Association of Realtors Locations: Washington, ” San, East, Iran, Davos, Switzerland, Iowa, Swiss, United States

☆ Premarket stocks: Why investors are looking forward to 2024
▼ + stars: | 2023-11-28 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

The S&P 500 currently sits around 4,550. BMO’s chief investment strategist Brian Belski has predicted that the S&P 500 will close out 2024 at a healthy 5,100. The S&P 500 has gained about 18.5% so far this year after falling nearly 20% in 2022. Despite elevated borrowing costs, three years of high inflation and increasing numbers of Americans dipping into their retirement plans, consumers continue to keep the US economy chugging. Google accounts include everything from Gmail to Docs to Drive to Photos, meaning all content sitting across an inactive user’s Google suite is at risk of erasure.

Persons: New York CNN — It’s, ”, Candace Browning, Browning, Goldman Sachs, Lori Calvasina, America’s Savita Subramanian, Subramanian, Brian Belski, “, Matt Egan, ” Michelle Meyer, Jennifer Korn, it’s, Google Organizations: New, New York CNN, Bank of America, RBC, BMO Capital Markets, Deutsche Bank, RBC Capital Markets, Bank, America’s, Federal Reserve, Mastercard Economics Institute, CNN, Adobe Analytics, Google Locations: New York

☆ Disney is in trouble. Bob Iger has 5 big problems to solve
▼ + stars: | 2023-11-08 | by ( Samantha Delouya | ) edition.cnn.com time to read: +8 min

Last quarter, Disney’s linear television revenue continued to slip, declining 7% compared to the same quarter last year. Disney World angstIt may not be all bad news for Disney, though. However, Disney World Resort in Florida has struggled with declining attendance in recent months. Over the summer, Disney World parkgoers experienced shorter-than-expected ride wait times and fewer crowds. Nearly one year ago, Iger unexpectedly came out of retirement to take over the role of Disney CEO once again after the board unexpectedly fired his successor, Bob Chapek.

Persons: Ron DeSantis, Bob Iger, Hugh Johnston, Christine McCarthy, Iger, ” Iger, I’ve, expansively, Indiana Jones, Reynaud Julien, Bank of America’s Jessica Reif Ehrlich, Ehrlich, Jason Bazinet, Disney, Disney isn’t, ”, Vijay Jayant, underperformance, Bob Chapek, Johnston Organizations: Los Angeles CNN, Disney, Republican, Gov, Warner Bros, CNN, Media, YouTube, ESPN, Wall Street, PepsiCo, ABC, Disney Channel, Geographic, “, Destiny, Cannes Film, APS, Bank of America’s, Citigroup, Shanghai Disney Resort, Hong Kong Disneyland Locations: Florida, Refinitiv, Cannes, France, Canada, Hulu, Shanghai, Hong, Central Florida

☆ More Americans are yanking money from their 401(k) plans to pay the bills
▼ + stars: | 2023-11-07 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

The growing reliance on 401(k) plans as a source of urgent cash is further evidence of consumer financial stress heading into the 2024 election year. Despite high GDP and low unemployment, some Americans are clearly facing a cash crunch and struggling to pay the bills. Bank of America said the number of 401(k) participants taking hardship distributions increased by 27% from the first quarter of this year. Bank of America found 401(k) contribution rates were steady during the third quarter at 6.5%. Just under 3% of those age groups are cutting back on their retirement savings.

Persons: Lisa Margeson, America’s Margeson, “, Gen Organizations: New, New York CNN, Bank of America, Bank of, New York Federal, ” Bank, America’s Locations: New York

☆ Bank of America’s investment strategist says the S&P 500 correction could last until it hits this level
▼ + stars: | 2023-10-27 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

The stock market could see further damage if one key index can't hold an important technical level, according to Bank of America investment strategist Michael Hartnett. Looking at several key indexes, Hartnett said in a client note Thursday that selling pressure has persisted even in less tech-sensitive parts of the market, specifically citing the S & P 500 Equal-Weighted index. If that can't hold onto the 5,540 level — it closed Thursday at 5,501 — it could signal further pressure on the more widely followed S & P 500 market-cap weighted index. .SPX YTD mountain S & P 500, YTD While still up 7.8% for 2023, the S & P 500 has tumbled about 14% from its all-time high. However, Harnett said he won't get bullish until the "3Ps" kick in: "bearish positioning combines with recessionary Profits to Policy easing."

Persons: Michael Hartnett, Hartnett, Harnett Organizations: Bank of America, Wall Locations: Thursday's

☆ Wall Street prepares to dish economic dirt on US
▼ + stars: | 2023-10-12 | by ( John Foley | ) www.reuters.com time to read: +7 min

They are also among the handful of banks which can buy Treasury debt straight from the central bank. That puts leaders like JPMorgan chief Jamie Dimon at the center of the global financial spiderweb. To be sure, the financial statements that the banks will start to release on Friday will be backward-looking. Interest income will reflect the sharp and continued rise of central bank rates, which drag up the price banks must pay for customer deposits and what they charge for loans. It’s a big economic question, since plastic-related debt in the United States hit a record $1 trillion in August.

Persons: Jamie Dimon, Marco Bello, Brian Moynihan’s, Jane Fraser, Wells Fargo, Dimon, Dean Athanasia, Banks, Wells, Peter Thal Larsen, Sharon Lam Organizations: JPMorgan Chase &, Reuters, REUTERS, JPMorgan, Bank of America, Citigroup, of America, Treasury, Citi, Fraser, Reuters Graphics Reuters, Federal Reserve, Federal, Bank of, Reuters Graphics Reuters Graphics Bank, Alpha, Thomson Locations: Miami , Florida, U.S, Wells Fargo, Wells, United States

☆ Bonds eye Q4 salvation in another year to forget: McGeever
▼ + stars: | 2023-10-03 | by ( Jamie Mcgeever | ) www.reuters.com time to read: +5 min

Treasury bond indexes are down as much as 2.5% this year, not a huge move and most of it has come since Federal Reserve policymakers published their upwardly revised median policy projections on Sept. 20. For an investor with a typical portfolio weighted 60% stocks and 40% bonds, these losses are more than offset by double-digit equity returns. Their base case is for a 14% return on 10-year Treasuries, rising to 20% in the event of recession. Even in their upside scenario of a more resilient economy, 10-year Treasuries should return around 10% over the coming year, they estimate. Commodity Futures Trading Commission data, meanwhile, showed that asset managers had built up a then record net long position in 10-year Treasuries futures of 1.26 million contracts by mid-January.

Persons: Kevin Lamarque, ”, Keith Lerner, Jonathan Duensing Organizations: Department of, U.S . Treasury, REUTERS, U.S, Treasuries, U.S ., Bank of America, Treasury, Bloomberg U.S, ICE, Advisory, Fed, UBS, Bank of, Futures, Amundi, Reuters Locations: ORLANDO, Florida, Washington , U.S, U.S . Republic, Treasuries

☆ Column-Bonds eye Q4 salvation in another year to forget: McGeever
▼ + stars: | 2023-10-03 | by ( Jamie Mcgeever | ) www.reuters.com time to read: +5 min

☆ Analysis-More SE Asia firms consider U.S. IPOs, filling void left by China peers
▼ + stars: | 2023-09-18 | by ( Yantoultra Ngui | Scott Murdoch | ) www.reuters.com time to read: +5 min

“These factors have enabled some of their ASEAN rivals to step out into the spotlight.”ASEAN, the 10-member Association of Southeast Asian Nations, includes Thailand, Singapore, Malaysia and Vietnam. For investors seeking emerging market exposure, Southeast Asia fits the bill, because of the region’s strong economic growth and increasing population, analysts say. Some Southeast Asia companies seeking listings in the U.S. look to raise between $300 million and $1 billion, with valuations ranging from $1.5 billion to $8 billion, bankers said, without naming any firms. “International investors are seeing the value of portfolio diversification that Southeast Asia provides,” Tay added. The expected pickup in Southeast Asian listings, however, could get derailed by share volatility and stringent investor scrutiny, analysts say.

Persons: ”, Leif Schneider, Sunil Khaitan, Kelvin Teo, Andrew Lim, Tay Hwee Ling, ” Tay, Anuruk Karoonyavanich Organizations: Nasdaq, REUTERS, Gushcloud International, Sunday, Reuters, VNG Corp, ASEAN, Association of Southeast Asian Nations, Carsome, Southeast, Bank, America’s, “, U.S ., ’, Companies, Deloitte, “ International, DBS Locations: SINGAPORE, SYDNEY, United States, New York City, U.S, Singapore, New York, Philippine, Washington, Beijing, Vietnam, Thailand, Malaysia, Asia, Indonesia, Southeast, Southeast Asia, China

Yelling at Michael Barr, the Federal Reserve’s top banking regulator, has never been particularly effective, his friends and co-workers will tell you. That hasn’t stopped America’s biggest banks, their lobbying groups and even his own colleagues, who have reacted to his proposal to tighten and expand oversight of the nation’s large lenders with a mix of incredulity and outrage. The proposal would push up the amount of easy-access money that banks need to have at the ready, potentially cutting into their profits. Lawmakers sent worried letters to the Fed and peppered its officials with questions about what the proposal would contain. The Bank Policy Institute, a trade group, recently rolled out a national ad campaign urging Americans to “demand answers” on the Fed’s new capital rules.

Persons: Michael Barr, hasn’t, Kevin Fromer, Barr, Lawmakers Organizations: Federal, Financial Services, Mr, BNP Paribas, HSBC, TD Bank, Hill, Bank Policy Institute, Fed

☆ Americans are pulling money out of their 401(k) plans at an alarming rate
▼ + stars: | 2023-08-08 | by ( Alicia Wallace | ) edition.cnn.com time to read: +2 min

Minneapolis CNN —More Americans are tapping their 401(k) accounts because of financial distress, according to Bank of America data released Tuesday. It’s a “pretty troubling” development if more people are resorting to making hardship withdrawals, Matt Schulz, chief credit analyst at LendingTree, told CNN. Since 2019, household debt balances have increased by nearly $3 trillion, according to New York Federal Reserve data through the first quarter of 2023. Separately on Tuesday, the New York Fed reported that US households’ credit card debt surpassed the $1 trillion mark for the first time ever. The $45 billion increase in credit card debt helped to drive overall household debt levels to $17.06 trillion at the end of the second quarter.

Persons: It’s, Matt Schulz, “, ”, Lorna Sabbia Organizations: Minneapolis CNN —, Bank of America, Bank of, CNN, Bank of America’s, New York Federal, New York Fed Locations: Minneapolis

☆ Discover dabbles with two types of delinquency
▼ + stars: | 2023-07-21 | by ( John Foley | ) www.reuters.com time to read: +4 min

NEW YORK, July 21 (Reuters Breakingviews) - In the credit card business, delinquency means not paying on time. Discover Financial Services (DFS.N), a large U.S. credit card issuer, is dabbling with a bit of both, and it’s a double concern for shareholders. But it came alongside the revelation that regulators have proposed serving Discover with a punitive “consent order,” for other undisclosed shortcomings. Discover received a consent order from the Consumer Financial Protection Bureau in 2020, as punishment for disobeying another order from 2015. Some 2.9% of Discover card loans were overdue at the end of June, back where they ended 2019.

Persons: Boss Roger Hochschild, ”, Wells Fargo, There’s, cardholders, Jonathan Guilford, Thomas Shum Organizations: YORK, Reuters, Discover Financial Services, Discover, Consumer Financial, Bank of America’s, JPMorgan, ” Reuters Graphics Reuters, Citigroup, Citi, Federal Reserve, Financial Services, Federal Deposit Insurance Corp, Thomson Locations: U.S

☆ Are you owed a slice of the $100 million fine Bank of America has to pay?
▼ + stars: | 2023-07-14 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +3 min

New York CNN —Bank of America was fined $250 million this week by US federal regulators for allegedly harming customers by double-dipping on fees, withholding credit card rewards and opening fake accounts. Of those fines, $100 million is set to go directly to consumers who were impacted by the bank’s alleged wrongdoing. People are generally bad at keeping or knowing how to access relatively recent bank records, said Harvey Rosenfield, founder of Consumer Watchdog, a nonprofit consumer advocacy group. It’s unlikely the average customer saved copies of their bank records or credit reports for over a decade, he said. As part of the agreement Bank of America settled with the CFPB, it is also required to identify consumers who were harmed.

Persons: they’re, you’re, you’ve, there’s, Bank of America’s, Harvey Rosenfield, didn’t, CFPB Organizations: New, New York CNN — Bank of America, Consumer Financial Protection Bureau, CNN, Bank of America, Bank of, Consumer Watchdog, Bank, of America Locations: New York

☆ Investors Are Nervous—and That Could Support Stocks
▼ + stars: | 2023-05-14 | by ( Jack Pitcher | ) www.wsj.com time to read: 1 min

Investors have a sour outlook on U.S. stocks. Contrarians say that is good news for the market. Turmoil in the banking sector has dragged fund managers’ enthusiasm for stocks to a 2023 ebb, according to Bank of America’s most recent monthly survey. The stress adds to worries including lingering inflation, higher interest rates and a slowing economy that have driven them to cut their stockholdings to their lowest levels relative to bonds since 2009.

☆ Investors Are Nervous—And That Could Support Stocks
▼ + stars: | 2023-05-13 | by ( Jack Pitcher | ) www.wsj.com time to read: 1 min

☆ JPMorgan could be the banking sector’s biggest hero — or biggest risk
▼ + stars: | 2023-05-03 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

And as the bank swells in size, so does the potential risk it poses to the nation’s financial system. Some experts say they’re concerned that JPMorgan’s continued intervention during times of crisis has broader implications for the banking sector, the US financial system and its regulation. And with every failed bank that JPMorgan snaps up, the conundrum becomes clearer: JPMorgan is essentially the biggest risk to the financial system — and every time it expands to uphold the sector’s stability, so does its risk to the financial system. It has “that ability once again, to signal to the world that JPMorgan is a fortress, JPMorgan is the ultimate. But recent failures and the missteps that led to them indicate that deep flaws underline the financial system.

☆ Burger King’s secret weapon against McDonald’s is the Whopper
▼ + stars: | 2023-04-22 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +7 min

The plan is still in early stages: Burger King has invested $40 million as of the end of last year. At US Burger King locations open at least 13 months, sales jumped 5% in the quarter, thanks in part to the burger. “I don’t know what his place might be in the future.”The fast food war heats upFor Burger King, the Whopper is more than just a burger. But even if the Whopper isn’t all that different from other fast food burgers, it’s the one Burger King has got. For Burger King, “the challenge is you’re competing against McDonald’s, and McDonald’s is really good,” said Senatore.

☆ Wall Street aces its real-life stress test
▼ + stars: | 2023-04-20 | by ( John Foley | ) www.reuters.com time to read: +7 min

One flaw in this plan is that the Federal Reserve, which designs the stress test, has tended to assume that when bad times come, interest rates would fall, not rise. Because their clients also fear sudden shifts in interest rates, they call on fixed-income securities desks to help offlay the risk. One clear outcome of higher interest rates is that banks are lending less, and more carefully. Reuters Graphics Reuters GraphicsFollow @johnsfoley on TwitterCONTEXT NEWSLarge U.S. banks reported their first-quarter earnings between April 14 and April 19. Both said that trading revenue had declined from first quarter 2022, but it was substantially higher than the last three months of the year.

☆ AI Is Heading to the Finance Function. Here’s How Risk-Averse CFOs Can Adapt.
▼ + stars: | 2023-04-18 | by ( Anna Mutoh | ) www.wsj.com time to read: 1 min

Bank of America’s CashPro app uses machine-learning technology for financial-scenario forecasting. For risk-averse accountants and chief financial officers, change can be hard. But artificial intelligence and other advanced technologies are coming, and financial officers who don’t adapt may find themselves left behind. This is especially true when the technology is moving faster than regulation. “There will need to be guardrails and CFOs would like to see where information is being shared,” Mr. Corson said.

☆ Bank of America Sailed Through the Banking Crisis
▼ + stars: | 2023-04-18 | by ( ) www.wsj.com time to read: 1 min

Bank of America’s first-quarter earnings are out this morning. The Charlotte, N.C.-based bank is the nation’s second largest. Here are the highlights:Bank of America earned $8.16 billion, up 15% from $7.07 billion a year earlier. That amounts to 94 cents per share, beating the 81 cents expected by analysts polled by FactSet.

☆ These are Bank of America’s favorite ETFs to play another energy rally
▼ + stars: | 2023-02-02 | by ( Jesse Pound | ) www.cnbc.com time to read: +2 min

The bull market for energy stocks still has room to run, and there are cheap exchange traded funds on the market to help investors ride along, according to Bank of America. Energy underperformed the broader market in January, with the Energy Select Sector SPDR Fund (XLE) returning just 2.8%. The underwhelming month followed a big year for energy stocks in 2022. Bank of America's top picks for energy ETFs include the broad SPDR fund, the Vanguard Energy ETF (VDE) and the Invesco S & P 500 Equal Weight Energy ETF (RYE) . Woodard also initiated coverage for the FirstTrust Energy AlphaDEX Fund (FXN) , an active energy strategy built on a quantitative model.

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