Bank of America Claims Cost Cuts and 2 More Dow Movers to Watch
Bank of America Corporation (NYSE:BAC): Current price $11.59
In an accomplishment that should please investors, Chief Financial Officer Bruce Thompson has reported progress in the firm’s lowering of noninterest expenses, and also credit costs; both should lead to bigger margins, all other things held equal. Thompson commented, “There were many examples of progress this quarter. We reduced noninterest expenses by nearly $1 billion year-over-year, and credit costs continued to decline. Our relentless focus on capital, liquidity, and expense reduction enables us to return excess capital to investors through the previously announced common stock repurchase program and preferred stock redemptions,” according to theflyonthewall.com.
The Boeing Company (NYSE:BA): Current price $86.86
The Wall Street Journal reports that FAA Administrator Michael Huerta is giving the biggest hint thus far that the regulators and Boeing are nearing the end of the global grounding of the 787 Dreamliner. Huerta has now advised lawmakers that the company “has completed all required tests and analysis” of the battery repairs, among which include supplying an extensive group of documents that should demonstrate their safety.
Intel Corporation (NASDAQ:INTC): Current price $21.78
CNET says that the outgoing Chief Executive Paul Otellini concedes that it takes some adjustment to familiarize users with Microsoft’s Windows 8, and it faces “an adoption curve,” but he also believes that people like touch screens, and forecasts that touch-enabled notebook prices should fall “very rapidly over the next couple of quarters.”
Don’t Miss: Bank of Americas Earnings Disappoint Once Again.