Markets Live: Equity indices edge down, Sensex skids 160 points to 37291

RBL Bank has been the stock market darling ever since it hit the primary market in 2016. But the stock has come under severe pressure recently, …

12:25 pm

Oil prices drop on concern over US economy

Brent crude was up 64 cents, or about 1.1 per cent, at $59.28 a barrel at 0255 GMT. – Bloomberg

Oil prices fell on Thursday for the first time in three days after San Francisco Federal Reserve President Mary Daly sounded a note of concern about the strength of the US economy.

Brent crude was down 31 cents, or 0.5 per cent, at $60.18 a barrel by 0638 GMT, while US crude was down 18 cents, or 0.3 per cent, at $55.60 a barrel. Oil prices rose around 1.5 per cent in the previous session. Click here to read in full the global oil markets report.

12:15 pm

Indiabulls Housing Finance shares drop 8% on Nifty replacement

Shares of Indiabulls Housing Finance on Thursday dropped 8 per cent as Nestle India will replace the company in the benchmark Nifty 50 index from September 27.

The scrip tanked 7.97 per cent to Rs 420.80 on the NSE. Shares of Nestle India, however, rose 2.97 per cent to Rs 12,890.

Nestle India will replace Indiabulls Housing Finance in the benchmark Nifty 50 index from September 27, the National Stock Exchange (NSE) said on Wednesday.

“The replacement will also be applicable to Nifty 50 Equal Weight Index,” the bourse said in a release. – PTI

12:05 pm

Equities struggle on recession, Brexit fears

MSCI Asia-Pacific index up 1 per cent. File Photo – Reuters

Global bond yields flirted with record lows while stocks inched down on Thursday, as global recession worries from intensifying US-China frictions and the spectre of a no-deal Brexit drove investors to safer harbours.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.15 per cent, Singapore shares hit eight-month lows, while Japan’s Nikkei shed 0.07 per cent.

On Wall Street, the S&P 500 gained 0.65 per cent on Wednesday, due in part to gains in the energy sector following a rebound in oil prices. But US stock futures lost 0.2 per cent in Asia. Click here to read in full the Asian markets report.

11:55 am

USFDA nod bodes well for Unichem Labs

Unichem Laboratories has received ANDA approval from the USFDA for Solifenacin Succinate Tablets, 5-mg and 10-mg to market (a generic version of Vesicare tablets of Astellas Pharma US, Inc). The tablets are indicated for the treatment of overactive bladder with symptoms of urinary incontinence, urgency, and urinary frequency. Unichem will commercialise the product from its Goa plant. Shareholders of the company will closely monitor the execution.

11:45 am

Shell makes Series-B funding in PRESPL

Global energy major Shell, along with SBI Ventures Neev Fund has jointly made a Series-B funding of Rs 55 crore in Mumbai based bio-energy company- PRESPL.

This is the first investment of the Anglo-Dutch behemoth in Indian a bio-energy firm, and has been directly cleared by the Shell management in the Netherlands. Shell clocked $ 388.4 billion in revenues for 2018. Click here to read in full the report on Shell’s Series-B funding in PRESPL.

11:25 am

Govt sops boost sugar stocks

Stocks of sugar companies soared in an otherwise bearish market, with the Cabinet clearing fresh export concessions for sugar mills.

On Wednesday, the Cabinet approved incentives of Rs 6,268 crore ($876.74 million) to encourage cash-strapped mills to export 6 million tonnes of sugar in the sugar marketing year starting from October 1.

Shares of Bannari Amman Sugar rose two per cent to Rs 1,150, Dhampur Sugar Mills was up 0.15 per cent at Rs 151, Shashi Sugar rose 5 per cent at Rs 8, Dharani Sugar was up 17 per cent at Rs 8 and Bajaj Hindustan Sugar was up 4 per cent at Rs 6.

India is expected to produce 285 lakh tonnes of sugar in this sugar marketing year. With an inventory of 145 lakh tonnes, the total sugar supply is expected to be the highest ever at about 430 lakh tonnes, exerting huge pressure on prices. _ Our Bureau

11:10 am

Gold, silver open firm as rupee remains weak

Quick funds: With NBFCs turning cautions to lending, many customers are option for gold loans, say players. – iStock.com

Gold and silver prices opened with marginal gains in the futures market on Thursday as currency pressure prevailed.

On Thursday, the rupee weakened further to inch towards the Rs 72 levels against the dollar. The Indian rupee opened lower at Rs 71.90 and depreciated further to Rs 71.95 in the early trades.

This comes despite Wednesday’s Cabinet announcements triggering positive sentiment for the sugar industry and farmers for increased incomes in the coming days and better job prospects through the 100 per cent contract manufacturing decision. Click here to read in full the domestic gold market report.

11:00 am

Company News: Kalpataru Power Transmission

Kalpataru Power Transmission informed the exchanges on Wednesday that it received a notice from the World Bank alleging process violations in bids submitted by its transmission business on two projects in Africa more than 7 years ago. The company disagrees with the Bank’s position and intends to contest the proceedings vigorously, it added. Shares of Kalpataru Power slumped 6.95 per cent at ₹441.05 on the BSE on Wednesday.

10:45 am

Gold prices tick up on recession fears, trade uncertainty

Gold prices eked out gains on Thursday against the backdrop of recession fears, with traders tracking signs of progress on the US-China trade talks and global central banks for direction on interest rates.

Spot gold rose 0.2 per cent to $1,542.06 per ounce, as of 0331 GMT. On Wednesday, the bullion ended lower but remained around its over six-year peak of $1,554.56 hit on Monday. US gold futures were up 0.1 per cent at $1,550.80 an ounce. Click here to read in full the global gold report.

10:25 am

Rupee falls 17 paise against US dollar in early trade

Identification of currency notes is key to successful completion of cash-based transactions by visually impaired persons – FRANCIS MASCARENHAS

The rupee depreciated by 17 paise to 71.95 against the US dollar in early trade on Thursday, tracking a weak domestic equity market and persistent foreign fund outflows. Pessimism over US-China trade talks also put pressure on the domestic unit, forex dealers said.

However, a weak dollar against other major currencies overseas and softening crude prices restricted the rupee’s fall, they added. Click here to read in full the rupee report.

10:05 am

Sensex, Nifty trade on a weak note

The benchmark indices, the BSE Sensex and the NSE Nifty, were trading around 0.5 per cent lower in early session on Friday. The Sensex was at 37,291, down 160 points or 0.43 per cent lower, while the Nifty was at 11,003, down 42 points or 0.39 per cent weaker on its overnight close.

The top gainers on the Sensex were Sun Pharma, Vedanta, Tata Motors, Maruti and IndusInd Bank, while the laggards were YES Bank, ICICI Bank, HCL Tech, HDFC and Axis Bank.

The healthcare, metals, capital goods and auto sector shares rose between 0.3-0.55 per cent to prop up the BSE index, while the finance, capital goods, IT and technology sector shares weighed on the benchmark index, losing between 0.40-0.65 per cent during the session.

According to an agency report, the Sensex, which dropped over 250 points in early trade, was dragged by heavy selling in banking stocks ahead of the expiry of August derivatives amid weak cues from other Asian markets.

In the previous session, the BSE barometer settled 189.43 points, or 0.50 per cent, lower at 37,451.84. Similarly, the broader NSE Nifty fell 59.25 points, or 0.53 per cent, to 11,046.10.

During the day, investors can expect greater volatility in the market on the back of weekly and monthly expiration of the August futures and options (F&O) contracts, said Shrikant Chouhan, Head Technical Research, at Kotak Securities.

Foreign portfolio investors sold shares worth a net of Rs 935.27 crore on Wednesday, while domestic institutional investors purchased shares worth Rs 359.32 crore, provisional data showed.

The rupee, meanwhile, depreciated 18 paise against its previous close to trade at 71.95 in early session.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Korea and Japan were trading on a negative note in their respective late morning sessions.

Exchanges on Wall Street ended in the green on Wednesday.

Global oil benchmark Brent crude was trading 0.57per cent lower at 59.59 per barrel. (with inputs from PTI)

9:55 am

Oil prices pegged back by mounting concern over US economy

Oil prices fell on Thursday for the first time in three days after San Francisco Federal Reserve President Mary Daly sounded a note of concern about the strength of United States (US) economy. Click here to read in full the crude oil market report.

9:45 am

Yen on backfoot as returning confidence dulls safe-haven allure

The dollar held gains against the safe-haven yen on Thursday as ebbing recession worries soothed markets after earlier volatility although the pound nursed its losses as investors became increasingly worried about a hard Brexit. Click here to read in full the global forex markets report.

9:35 am

Why the stock of RBL Bank has fallen 40 per cent over the past month

RBL Bank has been the stock market darling ever since it hit the primary market in 2016. But the stock has come under severe pressure recently, losing about 40 per cent over the past month, since it announced its June quarter results. While the bank delivered strong performance, the management indicating possible deterioration in its asset quality in the next 2-3 quarters, had rattled investors. Click here to read in full the report on why the RBL stock has fallen 40 per cent over the past month.

9:25 am

Asian shares struggle on darkening global outlook

MSCI Asia-Pacific index up 1 per cent. File Photo – Reuters

Global bond yields flirted with record low levels while stocks struggled to recover on Thursday as economic turbulence from intensifying United States (US)-China frictions and the spectre of a no-deal Brexit drove investors to safer harbours. Click here to read in full the global markets report.

9:15 am

Opening bell

The Sensex and the Nifty opened Thursday’s session in the red. The Sensex was at 37,283, down 168 points or 0.45 per cent lower, while the Nifty was at 10,988, down 57 points or 0.52 per cent weaker.

9.00 am

Today’s Pick: Tata Global Beverages (₹280): Buy

The stock of Tata Global Beverages jumped 5 per cent breaking above a key resistance at ₹270 on Wednesday. This rally has strengthened the short-term uptrend and also provides traders with a short-term horizon an opportunity to buy the stock at current levels.

The stock has been in an intermediate-term uptrend since early February 2019 low at ₹177. During the uptrend, the stock had decisively breached a key resistance at ₹220 in May and continued to trend upwards. Short-term trend is also up for the stock. Click here to read in full Today’s Pick on Tata Global Beverages.

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IBM AI Platform Watson To Help Indian Companies Keep User Data Safe From Breaches

IBM is providing its AI platform Watson to Indian companies to protect against data breaches. The threat of cybersecurity is increasing, IBM’s security …
IBM's Watson To Protect Indian Users’ Data As Data Breach Reaches IndiaIBM's Watson To Protect Indian Users’ Data As Data Breach Reaches India

Cybersecurity is becoming a big issue globally with new data breaches emerging. The threat has been affecting India enterprises as they’re rapidly digitising their services. These companies have been witnessing a rise in data breaches and exposure of confidential information.

IBM is trying to turn this into a business opportunity. The New York-based tech giant has started providing its artificial intelligence (AI) platform Watson to detect, assess and resolve issues of data threats without relying on the physical workforce.

Vaidyanathan Iyer, security software leader of IBM India, said India is digitising at breakneck speed because of faster digitisation. Therefore facing more security threats.

“The average total cost of a data breach in India is INR 13 Cr, which represents an increase of 7.29% from the prior year,” he added.

The technology is said to be an effective tool replacing the team of tech experts with just one AI. IBM, also known as the Big Blue, has been working with various small and medium businesses and enterprises in the country to install Watson embedded products and services for end-to-end cybersecurity management.

What Makes Up The Market For IBM’s Security Services?

IBM has been growing in double digits in India and expects to maintain the same pace over the next few years. There has been a 50% year-on-year (YoY) increase in the adaptation of this security software solution in the first half of 2019, said the company.

IBM’s core demand is coming from various sectors like banking, financial services, insurance, government, defence and manufacturing. India’s flagship markets exchange, the Bombay Stock Exchange Ltd, is one of the customers of the company.

IBM has been working with BSE to design, build and manage cybersecurity operations centre (SOC) to safeguard the company’s assets and protect stakeholders’ data. Such centres will enable around-the-clock security event monitoring, event handling, security analysis and incident management and response.

Shivkumar Pandey, CISO of BSE, said, “The end-to-end security solutions, services and global expertise from IBM will help BSE consolidate and fortify best practices under one umbrella.”

IBM is also providing its products to SMBs for extensive endpoint security. One of the biggest reasons for the installation of Watson is due to the shortage of “skilled security teams” within their organisation to assess threats.

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Kunal Shah’s Cred Is Raising $101 Mn Series B Funding From Ribbit, Tiger Global And Others

The development comes days after Cred raised INR 27.55 Cr ($4 Mn) from Sequoia Capital India. The company said in its filings that the Bridge Series …
Kunal Shah’s Cred Is Raising $101 Mn Series B FundingKunal Shah’s Cred Is Raising $101 Mn Series B Funding

Bengaluru-headquartered credit card bill payment app Cred said it has raised $120 Mn from a bunch of existing and new investors. Inc42noted through company filings that it has floated the offer for INR 730.02 Cr ($101.4 Mn), and the rest $20 Mn, it claims to have already received.

The company’s Ministry of Corporate Affairs filings accessed by Inc42 showed that the company passed a resolution on August 16 to allot 5,34,668 Series B shares to its investors for INR 730.02 Cr. Here’s the breakdown of the investors:

  • Sequoia India is investing INR 117.07 Cr for 85,750 shares
  • Ribbit Capital is investing INR 144.62 Cr for 1,05,929 shares
  • Gemini Investments is investing INR 144.62 Cr for 1,05,929 shares
  • RTP Global Investments is investing INR 10.3 Cr for 7,566 shares
  • Anxa Holding is investing INR 3.44 Cr for 2,522 shares
  • Tiger Global is investing INR 103.30 Cr for 75,664 shares
  • HH DTPL Holdings II Limited is investing INR 103.30 Cr for 75,664 shares
  • DF International Group is investing INR 34.4 Cr for 25,221 shares
  • Greenoaks Capital Opportunities is investing INR 68.87 Cr for 50,443 shares

In a statement, Kunal Shah, founder of Cred said that “funding is not a milestone but the fuel to carry us into our next phase of growth. We wish to make credit cards more accessible, feature rich and deliver more value to our members. Our true success will lie in improvement in quality of life and financial progress of our community.”

The development comes days after Cred raised INR 27.55 Cr ($4 Mn) from Sequoia Capital India. The company said in its filings that the Bridge Series B funds will be used for growth, expansion, marketing and general corporate activities of the company.

The company’s filings showed QED innovation labs, Sequoia and Ribbit have been the major investors across company’s seed and series A round. Cred had raised $30 Mn in its seed funding round and has been reportedly in talks to raise $125 Mn in a fresh funding round at a valuation of $500 Mn.

Cred: A Members-Only App

Launched in 2018 by Kunal Shah, Cred is a members-only app which gives exclusive rewards for paying your credit card bill in a timely manner. Eligible users with good credit scores can use the app to understand and navigate their credit card statements, particularly with regard to hidden charges, and they are rewarded accordingly.

The company has partnered with brands such as Airbnb, Cure.fit, BookMyShow, Urban Ladder, FreshMenu and ixigo among others for rewards, experiences and upgrades every month. The banks associated with Cred include HDFC, ICICI, Kotak, Axis among others.

In the long run, the company plans on building its consumer base through credit card bill payments and rewards and then develop high-end loyalty and offer other services, including insurance.

Shah is a serial entrepreneur who earlier launched ventures such as PaisaBack, a cashback and promotional discount campaign platform for retailers; and FreeCharge, a coupon-based app for mobile recharge. While he shutdown PaisaBack to launch FreeCharge, Kunal Shah sold the latter to Snapdeal in a whopping $450 Mn deal in 2015. Snapdeal then later sold FreeCharge to Axis Bank.

As one of the hottest sectors of the Indian startup ecosystem, fintech has been bringing investor as well as customer attention. According to DataLabs by Inc42, between 2015 and Q1 2019, the total investment in Indian fintech startups was $7.62 Bn with a total deal count of 478.

Update: August 27, 2019 | 12:15 PM

The company confirmed $120 Mn Series B funding from existing and new investors. The story has been updated to include the same.

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India’s Wealth Landscape: Market Sizing & Opportunities to 2022

… Arevuk Advisory Services Pvt. Ltd. Minance Investment Advisors Private Limited; Asuka Holdings Inc. 500 Startups Management Company LLC …

Dublin, Aug. 26, 2019 (GLOBE NEWSWIRE) — The “India Wealth Landscape: Market Sizing and Opportunities to 2022” report has been added to ResearchAndMarkets.com’s offering.

  • Make strategic decisions using top-level historic and forecast data on the Indian wealth industry.
  • Identify the most promising client segment by analyzing the penetration of affluent individuals.
  • Receive detailed insights into retail liquid asset holdings in India, including deposits, mutual funds, equities, and bonds.
  • Understand the changing market and competitive dynamics by learning about new competitors and recent deals in the wealth space.
  • See an overview of key digital disruptors in the country’s wealth market.

This report analyzes India’s wealth and retail savings and investments markets, with a focus on the HNW segment. This includes overall affluent market size (both by the number of individuals and the value of their liquid assets) as well as a breakdown of liquid vs. illiquid HNW holdings. The report also provides an analysis of the factors driving liquid asset growth, including a breakdown and forecast of total retail savings and investments split by the deposits, mutual funds, equities, and bonds asset classes.

Key Highlights

  • While affluent individuals accounted for only 1% of India’s total adult population in 2018, they collectively held 87% of the country’s retail wealth.
  • India’s retail investors allocate the majority of their wealth to deposits, with the asset class accounting for 55.4% of total liquid retail savings and investments in 2018.
  • 16.2% of Indian HNW investors’ wealth was held outside of the country, with tax efficiency being the main reason for offshore investment.

The affluent population (including high net worth [HNW] and mass affluent individuals) accounted for only 1% of Indian adults in 2018.

Despite this low percentage, India has the third-largest affluent population in Asia, after Japan and China. The two population segments collectively held 87% of India’s total onshore liquid assets in 2018, with the mass affluent segment alone holding more than half. India’s economy is performing steadily, with reforms such as the goods and services tax taking effect and encouraging growth.

While there are challenges – including the weak rupee and high oil prices – the positive momentum is expected to continue as the year progresses. Growth in retail holdings is forecast to be particularly pronounced in the mutual funds space as the government’s awareness-building campaigns continue to bear fruit.

Key Topics Covered

  1. Executive Summary
  2. Macroeconomic Overview
  3. India’s Wealth Market
  4. Resident Retail Savings & Investments
  5. Resident vs. Non-Resident Investments in India
  6. Digital Disruptors
  7. Recent Deals
  8. Appendix

Companies Mentioned

  • State Bank of India
  • HDFC
  • ICICI Bank
  • Kotak Mahindra Bank
  • Yes Bank
  • Canara Bank
  • Axis Bank
  • Vijaya Bank
  • Union Bank of India
  • Bank of Baroda
  • Punjab National Bank
  • Scripbox
  • FundsIndia
  • Cube Wealth
  • Centrum Wealth Management Ltd.
  • Karur Vysya Bank Ltd.
  • Eight Roads Ventures
  • Arevuk Advisory Services Pvt. Ltd.
  • Minance Investment Advisors Private Limited
  • Asuka Holdings Inc.
  • 500 Startups Management Company LLC
  • Beenext Pte Ltd.
  • IIFL Wealth Management Ltd.
  • Wealth Advisors (India) Private Limited

For more information about this report visit https://www.researchandmarkets.com/r/l26kvj

Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.

CONTACT: ResearchAndMarkets.comLaura Wood, Senior Press Managerpress@researchandmarkets.comFor E.S.T Office Hours Call 1-917-300-0470For U.S./CAN Toll Free Call 1-800-526-8630For GMT Office Hours Call +353-1-416-8900

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Eaton Vance Management Has Trimmed By $957393 Its Bank Amer (BAC) Stake; Nxt-id (NXTD) SI …

Nxtid Inc (NASDAQ:NXTD) had an increase of 9.15% in short interest. NXTD’s SI was 1.64M shares in August as released by FINRA. Its up 9.15% …

Nxt-ID, Inc. (NASDAQ:NXTD) Logo

Eaton Vance Management decreased Bank Amer Corp (BAC) stake by 0.21% reported in 2019Q1 SEC filing. Eaton Vance Management sold 35,459 shares as Bank Amer Corp (BAC)’s stock rose 1.39%. The Eaton Vance Management holds 16.60M shares with $458.07M value, down from 16.64 million last quarter. Bank Amer Corp now has $253.51 billion valuation. The stock increased 1.13% or $0.31 during the last trading session, reaching $27.24. About 27.26 million shares traded. Bank of America Corporation (NYSE:BAC) has declined 2.01% since August 22, 2018 and is downtrending. It has underperformed by 2.01% the S&P500. Some Historical BAC News: 29/03/2018 – MOVES-Merrill Lynch hires former FINRA top cop Susan Axelrod; 07/03/2018 – Potbelly Corporation to Participate in the Bank of America Merrill Lynch Consumer & Retail Technology Conference; 03/04/2018 – Here is the City: People News – Bank of America Merrill Lynch, Houlihan Lokey; 07/05/2018 – U.S. Convertible Bond Sales Up 11% in 2018, BofA Leads; 23/04/2018 – U.S. IPOs Drop 19% in 2018, BofA Leads; 30/03/2018 – ABF Journal: BofA Upsizes Huron Revolver to $150MM; 16/04/2018 – Bank of America shareholder return tops double-digits; 30/04/2018 – U.S. Leveraged Loan Issuance Down 26% in 2018, BofA Leads; 14/05/2018 – American Air Presenting at Bank of America Conference Tomorrow; 15/05/2018 – Alexion Presenting at Bank of America Conference Tomorrow

Nxt-id Inc (NASDAQ:NXTD) had an increase of 9.15% in short interest. NXTD’s SI was 1.64M shares in August as released by FINRA. Its up 9.15% from 1.50M shares previously. With 217,400 avg volume, 8 days are for Nxt-id Inc (NASDAQ:NXTD)’s short sellers to cover NXTD’s short positions. The stock increased 7.08% or $0.0234 during the last trading session, reaching $0.354. About 206,403 shares traded. Nxt-ID, Inc. (NASDAQ:NXTD) has declined 71.78% since August 22, 2018 and is downtrending. It has underperformed by 71.78% the S&P500. Some Historical NXTD News: 29/05/2018 – NXT-ID REPORTS $16M LONG-TERM DEBT REFINANCING; 24/04/2018 – Nxt-ID Coverage Assumed by Maxim Group at Buy; 18/04/2018 – SoundView Technology Group Update on NXT-ID, Inc.; Early 2018 Outlook; 29/05/2018 – Nxt-ID Announces $16 Million Long-term Debt Refinancing; 23/04/2018 – DJ Nxt-ID Inc, Inst Holders, 1Q 2018 (NXTD); 10/04/2018 – NXT-ID Short-Interest Ratio Rises 93% to 7 Days; 02/04/2018 – Nxt-ID 2017 Rev $23.3M; 02/04/2018 – NXT-ID Inc. Releases Financial Results for the Year Ended December 31, 2017; 28/03/2018 Media Alert: Flip™ FAQ for New Contactless Payment Device for Cryptocurrencies; 29/03/2018 – NXT-ID Inc. to File Year-end Earnings, Schedule Investor Webcast to Discuss 2017 Results

More notable recent Nxt-ID, Inc. (NASDAQ:NXTD) news were published by: Investorideas.com which released: “Tech News: Nxt-ID, Inc. (NASDAQ: NXTD) Announces Investor Webcast to Discuss the Results for the Six and Three Months Ended June 30, 2019 and to Provide a General Corporate Update – InvestorIdeas.com” on August 21, 2019, also Benzinga.com with their article: “7 Industrials Stocks Moving In Tuesday’s Pre-Market Session – Benzinga” published on August 20, 2019, Benzinga.com published: “Stocks That Hit 52-Week Lows On Tuesday – Benzinga” on August 20, 2019. More interesting news about Nxt-ID, Inc. (NASDAQ:NXTD) were released by: Finance.Yahoo.com and their article: “Did You Manage To Avoid Nxt-ID’s (NASDAQ:NXTD) 98% Share Price Wipe Out? – Yahoo Finance” published on June 12, 2019 as well as Benzinga.com‘s news article titled: “Stocks That Hit 52-Week Lows On Friday – Benzinga” with publication date: August 16, 2019.

Nxt-ID, Inc., a security technology company, engages in the development of products and solutions for security, healthcare, finance, and Internet of Things markets. The company has market cap of $10.52 million. It offers World Ventures SmartCard, a smartcard customized for WorldVentures, a travel firm with approximately 500,000 members; and develops NXT SmartPay, a standalone solution with the ability to make payments on various devices through magnetic stripes, as well as through interaction with a terminal through EMC, near field communication (NFC), or barcode functionality. It currently has negative earnings. The firm also provides Wi-Mag, an antenna and payment technology solution that is embedded in a mobile device to make wireless payments at various point-of sale terminals, which do not require NFC or EMV; and IoT Stamp, a connected electronics module that fits within various devices, including smartcards or watch bands.

Eaton Vance Management increased Cullen Frost Bankers Inc (NYSE:CFR) stake by 20,350 shares to 25,330 valued at $2.46 million in 2019Q1. It also upped Incyte Corp (NASDAQ:INCY) stake by 86,390 shares and now owns 287,578 shares. Valero Energy Corp New (NYSE:VLO) was raised too.

More notable recent Bank of America Corporation (NYSE:BAC) news were published by: Finance.Yahoo.com which released: “Should You Be Adding Bank of America (NYSE:BAC) To Your Watchlist Today? – Yahoo Finance” on August 15, 2019, also Finance.Yahoo.com with their article: “5 Top Stock Trades for Monday: AMD, BAC, FB, GE, DE – Yahoo Finance” published on August 16, 2019, Benzinga.com published: “Calm Before Storm? Powell Friday Speech Awaited After Brief Yield Curve Inversion – Benzinga” on August 22, 2019. More interesting news about Bank of America Corporation (NYSE:BAC) were released by: Benzinga.com and their article: “What Everyone Should Know About Debit Vs. Credit – Benzinga” published on August 20, 2019 as well as Benzinga.com‘s news article titled: “Payment Processing, Banking Issues Continue To Hinder Small CBD Brands – Benzinga” with publication date: August 20, 2019.

Analysts await Bank of America Corporation (NYSE:BAC) to report earnings on October, 21. They expect $0.69 earnings per share, up 4.55% or $0.03 from last year’s $0.66 per share. BAC’s profit will be $6.42 billion for 9.87 P/E if the $0.69 EPS becomes a reality. After $0.74 actual earnings per share reported by Bank of America Corporation for the previous quarter, Wall Street now forecasts -6.76% negative EPS growth.

Among 5 analysts covering Bank of America (NYSE:BAC), 4 have Buy rating, 0 Sell and 1 Hold. Therefore 80% are positive. Bank of America has $40 highest and $29.5000 lowest target. $34.90’s average target is 28.12% above currents $27.24 stock price. Bank of America had 11 analyst reports since March 23, 2019 according to SRatingsIntel. BMO Capital Markets maintained it with “Market Perform” rating and $37 target in Wednesday, April 17 report. Jefferies downgraded Bank of America Corporation (NYSE:BAC) rating on Wednesday, April 17. Jefferies has “Hold” rating and $32 target. Oppenheimer maintained the stock with “Outperform” rating in Tuesday, March 26 report. The rating was upgraded by BMO Capital Markets on Tuesday, June 18 to “Outperform”. The firm has “Overweight” rating by JP Morgan given on Tuesday, July 9. The firm has “Outperform” rating given on Friday, July 26 by Wood.

Investors sentiment increased to 0.99 in 2019 Q1. Its up 0.16, from 0.83 in 2018Q4. It increased, as 57 investors sold BAC shares while 577 reduced holdings. 154 funds opened positions while 474 raised stakes. 6.30 billion shares or 2.30% less from 6.44 billion shares in 2018Q4 were reported. Sol Capital Mgmt owns 161,715 shares. 195,088 are held by Sigma Planning. Campbell Newman Asset accumulated 152,000 shares. Inr Advisory Serv Limited Liability holds 0% or 53 shares. Daiwa Sb Invests invested in 0.1% or 18,060 shares. Round Table Svcs Lc holds 10,056 shares or 0.1% of its portfolio. Tower Research Limited Liability Co (Trc) owns 87,904 shares. Smith Salley & Assoc holds 20,110 shares or 0.09% of its portfolio. Moreover, Eagleclaw Cap Managment Ltd Liability Corp has 1.2% invested in Bank of America Corporation (NYSE:BAC). The Maine-based Spinnaker Trust has invested 0.08% in Bank of America Corporation (NYSE:BAC). Maryland Cap reported 396,079 shares. Stillwater Capital Lc invested in 356,482 shares. Ironwood Inv Ltd Liability Com holds 10,965 shares or 0.25% of its portfolio. Mackay Shields Ltd Co stated it has 0.99% of its portfolio in Bank of America Corporation (NYSE:BAC). Amundi Pioneer Asset invested 0.76% of its portfolio in Bank of America Corporation (NYSE:BAC).

Bank of America Corporation (NYSE:BAC) Institutional Positions Chart

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