Bank of America Earnings Beat, Revenue Misses in Q2

Bank of America (NYSE:BAC). is trading down 1.9% at 39.86

Bank of America (NYSE:BAC) reported on Wednesday second quarter earnings that beat analysts’ forecasts and revenue that fell short of expectations.

Bank of America announced earnings per share of $1.03 on revenue of $21.47B. Analysts polled by anticipated EPS of $0.7748 on revenue of $21.87B.

Bank of America shares are up 31% from the beginning of the year, still down 8.35% from its 52 week high of $43.49 set on June 3. They are outperforming the S&P 500 which is up 16.32% from the start of the year.

Bank of America follows other major financial sector earnings this month

Bank of America’s report follows earnings beat by JPMorgan on Tuesday, who reported EPS of $3.78 on revenue of $31.4B, compared to forecasts EPS of $3.16 on revenue of $30B.

BlackRock had beat expectations on Wednesday with second quarter EPS of $10.03 on revenue of $4.82B, compared to forecast for EPS of $9.28 on revenue of $4.59B.

On technical fronts Bank of America (NYSE:BAC) RSI stood at 44.24 and currently stock is trading below all Moving Average. So, SELL position can be taken with following target and stoploss:

TRADE SIGNAL – : Bank of America (NYSE:BAC) – SELL: 39.86, TARGET: 38.49, STOP LOSS : 40.38

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