Bank of America shares fell 5% following a weak Q3 fee forecast, dragging down major Wall Street peers as investors reassess the outlook for investment banking and trading revenue.
CEO forecasted 10-20% decline in Q3 investment banking fees, causing stock to drop 5%.
Shares fell 4% amid broader weakness in bank stocks following BAC's weak fee forecast.
Stock dropped 3% as part of sector-wide decline after BAC's downbeat outlook.
Shares slipped 1-2% in sympathy with other bank stocks following BAC's forecast.
Shares declined 1-2% along with other banks after BAC's weak fee forecast.
Stock fell 1-2% despite CFO's upbeat guidance on market revenue growth, reflecting mixed signals.
Bank of America shares dropped 5% after CEO Brian Moynihan projected a 10-20% decline in third-quarter investment banking fees. The downbeat outlook triggered a broader sell-off across the financial sector, with Goldman Sachs and Morgan Stanley falling 4% and 3% respectively. While trading activity cools, the bank maintains a positive outlook on the underlying U.S. economy and consumer loan growth.
The stock fell 5% after CEO Brian Moynihan forecasted a 10-20% decline in third-quarter investment banking fees compared to the previous year.
The news triggered a sector-wide decline, with Goldman Sachs falling 4%, Morgan Stanley down 3%, and JPMorgan, Citigroup, and Wells Fargo slipping 1-2%.