Is Bank of America Stock a Buy?
Bank of America (NYSE: BAC) reported second-quarter earnings this week, and it was a mixed bag. Revenue was up about 6% to $22.7 billion, beating analysts' forecasts, but earnings were down 32% to $6.2 billion.
The stock price has jumped about 10% since last Friday, July 15, buoyed by positive market reaction to the earnings report. But it is still down about 25% year to date, at $33 as of July 19. Let's take a closer look at the earnings numbers to see if the stock is a buy.
Bank of America's solid earnings followed a lackluster earnings report from the nation's largest bank, JPMorgan Chase, the previous week. Coupled with decent earnings reports from Goldman Sachs on Monday and Citigroup last Friday, there has been some good momentum in the overall market the past few days.
Source Fool.com
