Get Ready for Ken Lewis and Bank of America (BAC) reporting Earnings Monday (4/20)
Source: http://thestockmasters.com/bofa-bac-earnings-q1-mark-to-market-04202009.htmlPosted on Sunday, April 19th, 2009 | In Market Commentary, Stocks to Watch
What tricks does Ken Lewis have up his sleeves for Monday? Get ready for Bank of America’s (NYSE:BAC) Q1 Earnings call tomorrow and the talking heads expect them to report a profit of 5 cents a share. ThanBank of America’sks to creative accounting, I mean Mark-to-Market accounting, BofA could ‘choose its own adventure‘ and hit profits in the 5 to 26 Cent range, but why stop there, let’s shoot for for a whole Dollar!
However, before we all gang up on BofA Ken Lewis in the gang they may have two wild cards that could payoff in reporting Q1 numbers — Merrill Lynch and Countrywide. Its a gamble but those two institutions now part of the mammoth BofA umbrella may make or break the company for the quarter and the forward guidance.
As far as Lewis, this may be his last earnings call as BofA CEO, shareholders are planning to vote him off the company’s board at its annual meeting April 29th, citing the main reason for disapproval for buying Countrywide and Merrill Lynch.
Bank of America shares are just over $10 a share and they have rallied 234% since March 6th, so can they keep going? We’ll find out Monday morning at 9:30 AM EST, best of luck to all that are playing the call and good luck keeping your job Ken.
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 About Frank Lara Jr. (http://thestockmasters.com)
Frank is the other Co-Founder of TheStockMasters.com and his love for the stock market began in college. His first investment in Intel (INTC) in the early 90's allowed him to establish a portfolio that allowed him to pay for college and buy multiple properties in the greater Seattle area by the time he was 30. Frank has since developed a love for writing and researching the events of Wall Street and is also a contributor for Sramana Mitra on Strategy and 247WallSt.com. |
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