BofA Jumps on Big Q2 Beat and 2 Other Hot Stocks to Watch
Bank of America Corp. (NYSE:BAC): Current price $14.16
Shares of BofA were up about 1.75 percent in mid-morning trade on Wednesday, with the company following in line with other big banks. The lender posted second-quarter earnings per share that surpassed expectations. The bank reported that it earned a profit of $4.01 billion, up sharply year-over-year from $2.46 billion in 2012, and earnings of 32 cents versus 19 cents in the same period. Revenue rose by 3.5 percent to $22.73 billion. The consensus was for per-share earnings of 25 cents on $22.78 billion in revenue. In addition, BofA’s expenses fell by 6 percent, citing lower litigation expenses and fewer losses from its Countrywide Financial unit. The firm added that it might be able to get rid of bad assets more rapidly than was previously estimated.
Yahoo! Inc. (NASDAQ:YHOO): Current price $28.64
In mid-morning trade on Wednesday, Yahoo! shares are up almost 7 percent, following upbeat second-quarter results that showed the company’s earnings growing. The gains come despite the numbers indicating some challenges, as it competes with its rivals Google Inc. and Facebook Inc. Shares were initially down when the results were posted after the market close on Tuesday, but quickly rebounded after management assured investors that it intends to keep repurchasing its stock. That pledge comes after Yahoo had already spent $3.6 billion buying back around 190 million of its shares since 2012. Analyst Youssef Squali at Cantor Fitzgerald termed the quarter’s results “muted,” showing lighter revenue and higher earnings per share.
American Tower Corporation (NYSE:AMT): Current price 72.72
On Wednesday, American Tower released some numbers regarding its business because of AT&T’s planned purchase of Leap Wireless. For the first quarter, AT&T and Leap Wireless comprised roughly 17 and 2 percent, respectively, of the corporation’s consolidated operating revenues. Presently, American Tower has separate leases for antenna space with AT&T and Leap Wireless on the same site, at around 1,066 communications sites owned or operated by AT&T. The revenue gained from Leap Wireless on these sites was less than 1 percent of American Tower’s consolidated operating revenues for the quarter.