BofA Sells Branches in NY & PA and 2 Other Hot Stocks to Watch
Bank of America Corp. (NYSE:BAC): Current price $14.78
In a Tuesday statement, Berkshire Hills Bancorp Inc. said that it will acquire 20 branches in the New York market from Bank of America, but the financials of the transaction were not mentioned. All told, the branches have around $640 million in total deposits and $5 million in loans, said the statement, which added that the sale will more than double Berkshire’s New York branch count to 37. Beyond that, Community Bank System Inc., based in Syracuse, New York, announced that it will purchase eight Bank of America branches in northeastern Pennsylvania, paying a bonus of about 2.39 percent for approximately $369 million in deposits. Bank of America, headquartered in Charlotte, is ranked number two by assets among domestic lenders.
AT&T Inc. (NYSE:T): Current price $35.19
Late Tuesday, AT&T posted second-quarter adjusted earnings per share of 67 cents, which missed the Zacks Consensus Estimate by one cent. The telecom giant’s performance was cut into by the higher cost of service and sales. However, year-over-year, the results improved by 1.5 percent from adjusted earnings of 66 cents in 2012. On a more positive note, revenue moved up by 1.6 percent from the same quarter of 2012 to $32.1 billion, and beat the Zacks Consensus Estimate of $31.8 billion. Not counting the impact of the Advertising Solutions business divestiture, revenues rose by 2.6 percent year over year, with the growth credited to efficient network operations, and a broadening broadband segment.
EMC Corp. (NYSE:EMC): Current price $26.95
The data storage equipment manufacturer reported a second quarter profit that equaled consensus, aided by growth at its cloud software division, VMware Inc. Leaving out one-time items, EMC earned 42 cents per share in the quarter, according to Thomson Reuters I/B/E/S. Revenue came to $5.61 billion for the quarter, which was in-line with analysts’ estimates, and up year-over-year from 2012′s $5.31 billion. Net income attributable to EMC was $701 million, or 32 cents per share, versus $650 million, or 29 cents per share, in the same period in 2012.