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

CORRECT: MBIA Swings To 1Q Profit On Derivatives Gains

("MBIA Swings To 1Q Profit On Derivatives Gains," at 4:30 p.m. EDT, misstated the number of banks still suing MBIA in the fifth paragraph. The correct version follows.) 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 two 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. Bank of America Corp. (BAC) 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
05/27/201609:30:40Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
05/26/201601:30:00Wells Fargo to Offer Low-Down-Payment Mortgages Without FHA Backing
05/25/201615:09:37Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
05/25/201603:02:00BofA Tipster Gets to Keep His Reward -- WSJ
05/24/201621:10:00Solicitor General Tells Supreme Court Not to Hear Interest-Rate...
05/24/201619:35:00Bank of America Tipster Gets to Keep His Reward
05/24/201603:02:00Court Tosses Crisis-Era Fraud Fine -- WSJ
05/23/201619:52:00Appeals Court Throws Out $1.27 Billion Penalty Against BofA...
05/23/201616:25:00Appeals Court Throws Out $1.27 Billion Penalty Against BofA...
05/23/201615:13:00Civil Antitrust Claims Reinstated Against 16 Banks in Libor Case...
05/23/201614:53:00Civil Antitrust Claims Reinstated Against 16 Banks in Libor Case...
05/23/201614:04:00Civil Antitrust Claims Reinstated Against 16 Banks in Libor Case...
05/23/201613:35:00Civil Antitrust Claims Reinstated Against 16 Banks in Libor Case...
05/23/201613:30:00Civil Antitrust Lawsuits Reinstated Against 16 Banks in Libor...
05/23/201613:22:00Civil Antitrust Lawsuits Reinstated Against 16 Banks in Libor...
05/23/201612:51:00Appeals Court Throws Out $1.27 Billion Penalty Against BofA...
05/23/201612:40:00Appeals Court Throws Out $1.27 Billion Penalty Against Bank of...
05/23/201612:24:00Appeals Court Throws Out $1.27 Billion Penalty Against Bank of...
05/23/201609:00:00U.S. Trust Study Finds Entrepreneurs Choose Career Path of Most...
05/23/201609:00:00U.S. Trust Study Finds 10 Common Success Traits for Building...

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 1999-2015 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad