4 Financial Stock Stories Making Midweek Moves
Bank of America Corp. (NYSE:BAC): Current price $14.55
BofA shares are up more than 2 percent Wednesday after the number-two domestic lender said that lower legal expenses and loan losses helped profit spring back. Third-quarter net income increased to $2.5 billion, or 20 cents a diluted share, from $340 million year-over-year, while per-share results were break-even, according to a statement. The consensus of 24 analysts surveyed by Bloomberg came to 21 cents.
Chief Executive Brian T. Moynihan has observed that the “lion’s share” of costs linked with disputed mortgages are behind his bank after booking in excess of $45 billion tied to his predecessor’s 2008 takeover of Countrywide Financial Corp. Moynihan also said that the bank will cut $8 billion in annual operating costs by the end of next year and $10 billion from troubled loans a year after that.
MetLife Inc. (NYSE:MET): Current price $49.05
The American insurance major has been granted a license to establish a representative office in Myanmar, while it and other worldwide insurers hope to expand their footprints across Southeast Asia. The license will give MetLife the opportunity to work with regulators to help form the industry in Myanmar before foreign insurers may commence operations there in 2015, according to Vice President, MetLife in Asia, Nirmala Menon, who commented that, ”With the opening up of the market we believe there’s going to be a good opportunity there.”
American International Group Inc. (NYSE:AIG): Current price $51.30
On Wednesday, AIG launched NOVI, its web-based service to help businesses estimate the cost of recall events, and expanded its available accidental contamination coverage limits to $35 million. Typically, 30 class I and II product recalls occur weekly in the domestic food and beverage industry, and another 22 equivalent recalls are reported in Europe, said AIG analysis of data from the Department of Agriculture and the European Union Rapid Alert System for Food and Feed.
Credit Suisse Group AG (NYSE:CS): Current price $32.06
Credit Suisse has extended a new administration and trading service to its iCPPI hedging platform in order to help insurance companies more efficiently oversee the risks in their protected insurance products. The new service, developed in jointly with SunGard, will permit insurance firms to manage the risks on each individual insurance product account simply and effectively.