ADVFN - Advanced Financial Network.
HOME» NYSE » B » BAC Stock Price » BAC Stock News

Bank of America Share News

 Bank of America Corp. Stock Price
BAC Stock Price
 Bank of America Corp. Stock Chart
BAC Stock Chart
 Bank of America Corp. Stock News
BAC Stock News
 Bank of America Corp. Company Information
BAC Company Information
 Bank of America Corp. Stock Trades
BAC Stock Trades

MBIA Swings To 1Q Profit On Derivatives Gains

DOW JONES NEWSWIRES MBIA Inc. (MBI) swung to a first-quarter profit as losses on derivatives continued to ease, though the insurer's core results worsened as earned premiums stagnated. "Our first quarter 2012 operating results were a disappointment due to the significant actions we took to reduce future volatility in our insured portfolio and lower liquidity risk at the holding company," President and Chief Financial Officer Chuck Chaplin said. MBIA has reported a string of choppy results in recent years, hinging on the varying performance of its insured derivatives. The company, one of the largest bond insurers in the world, suffered wide losses after the housing-market crash caused insurance on mortgage-related securities to backfire. In 2009, MBIA split off its public-finance business, calling it the National Public Finance Guarantee Corp., while the structured-finance guarantees--with all their obligations--remained with MBIA Insurance Corp. That move prompted many banks to sue MBIA, though the insurer reached settlements with most of them. The three banks still pursuing litigation argue that MBIA's restructuring was improper and will take the insurer to trial this month in New York State Supreme Court. The banks--Bank of America Corp. (BAC), Natixis (KN.FR) and Societe Generale (GLE.FR, SCGLY)--are alleging an MBIA unit they expected to pay them is effectively insolvent and unable to pay claims. Overall, MBIA posted a profit of $10 million, or 5 cents a share, compared with a year-earlier loss of $1.27 billion, or $6.37 a share. MBIA's adjusted pre-tax loss reached $548 million in the quarter, compared with a $25 million profit a year earlier. The insurer reported $383 million of revenue, compared with a negative $1.61 billion top line a year ago caused by $1.42 billion in losses on insured derivatives. Total premiums earned were flat at $137 million. MBIA's insured derivatives gained $299 million in value overall, compared with a $1.78 billion loss a year earlier. Investment income dropped 46%. Shares were off 1.2% at $9.70 after hours. The stock had fallen 15% so far this year through Thursday's close. -By Drew FitzGerald, Dow Jones Newswires; 212-416-2909; Andrew.FitzGerald@dowjones.com

Stock News for Bank of America (BAC)
DateTimeHeadline
07/28/201517:31:55Prospectus Filed Pursuant to Rule 424(b)(5) (424b5)
07/28/201517:14:48Current Report Filing (8-k)
07/28/201506:04:40Prospectus Filed Pursuant to Rule 424(b)(3) (424b3)
07/28/201506:04:40Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
07/28/201506:04:40Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
07/27/201515:39:03Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
07/27/201508:30:00Bank of America Announces Industry-leading $125 Billion Environmental...
07/27/201502:00:04Instant-Messaging Company Symphony Seeks New Investment
07/26/201519:10:14Companies to Pledge $140 Billion in Effort to Cut Carbon Emissions
07/26/201516:31:00Bank of America berichtet 5,3 Milliarden US-Dollar Nettogewinn o...
07/26/201516:31:00Bank of America déclare un revenu net de 5,3 milliards USD au...
07/24/201513:20:55Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
07/24/201513:20:10Bank of America General Counsel Gary Lynch to Transition Role
07/24/201513:14:37Bank of America General Counsel Gary Lynch to Transition Role...
07/24/201512:04:25Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
07/23/201520:08:14Bank of America Departures Thin the Ranks at the Top
07/23/201517:25:01Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
07/23/201516:03:35Statement of Changes in Beneficial Ownership (4)
07/23/201514:33:09Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
07/23/201511:09:00Bank of America Declares Quarterly Stock Dividends

Bank of America and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad