bank of america

Is Warren Buffett Heading for the Exits?

Is Warren Buffett Heading for the Exits?

Nobody ever rings a bell at the top. That’s why sometimes it is instructive to keep an eye on so-called “smart-money”—especially when they make a move towards the door. All of which, strikes me as curious since just a few months ago the grandfatherly Buffett said, “I am a huge bull on this country. We are not going to have a double-dip recession at all. I see our businesses coming back across the board.” Hmmmm…I wonder if he has changed his mind on this one. From Bloomberg by Andrew Frye entitled: Berkshire Exits BofA ‘a Loser’ on Three-Year Holding. “Warren Buffett’s Berkshire Hathaway Inc. sold its stake in Bank of America Corp., ending an investment that spanned three and a half years in which the lender’s stock lost more than two-thirds of its value Buffett’s firm had no shares in the Charlotte, North Carolina-based bank at the end of 2010, compared with 5 million shares three months earlier, Berkshire said late yesterday in a regulatory filing that lists the company’s U.S. stockholdings. Berkshire, where Buffett serves as chief executive officer and head of investments, entered the Bank of America stake with the purchase of 8.7 million shares in the second quarter of 2007. The lender’s CEO at the time, Kenneth Lewis, was expanding through acquisitions and telling investors that the U.S. housing slump would be over within months. “He’s closing out a loser,” said Jeff Matthews, author of “Pilgrimage to Warren Buffett’s Omaha,” whose Ram Partners LP invests in Berkshire and Bank of America. “We bought it during the crisis. But its earnings power coming out the crisis has been reduced.” Berkshire also eliminated its stakes in Nike Inc., Comcast Corp., Nalco Holding Co., Fiserv Inc., Lowe’s Cos. and Becton, Dickinson & Co. in the fourth quarter. In November, Berkshire disclosed that it had sold holdings of Home Depot Inc., trash hauler Republic Services Inc. and Iron Mounta”in Inc., a provider of records management. Buffett’s U.S. portfolio had 25 stocks and a value of about $52.6 billion at the end of December.” Maybe there is nothing to see here, but I don’t think so. You just can’t trust a guy that plays a ukulele. Related Articles: Warren Buffett’s Dividend Stock Strategy The Good Works of Bill Gates and Warren Buffett Ben Graham’s Winning Investment Advice Warren Buffett: The Investor of the Year To learn more about Wealth Daily click here. Advertisement Samurai Super Alloy It was the secret ingredient that turned an ordinary sword into the legendary Samurai Katana— the deadliest weapon before the arrival of modern rifles. Today, it’s crucial to the $987billion/

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How to Replace Austerity with Freedom, Independence and Prosperity

The Economic Collapse Blog has this list of examples of how European-style “austerity” is already hitting the U.S., including cities closing schools and fire stations, and states eliminating whole state agencies and raising taxes. That includes the state of Illinois whose legislature has passed a “temporary” 66% personal income tax hike that the Democrat governor will sign. Rest assured, this income tax hike will be as “temporary” as the one in Massachusetts , still in place since 1989. Such austerity measures may lead to the same kind of social unrest Europeans have been experiencing. The Economic Collapse Blog concludes, We are entering a time of extreme financial stress in America.  The federal government is broke.  Most of our state and local governments are broke.  Record numbers of Americans are going bankrupt.  Record numbers of Americans are being kicked out of their homes.  Record numbers of Americans are now living in poverty. The debt-fueled prosperity of the last several decades came at a cost.  We literally mortgaged the future.  Now nothing will ever be the same again. To say that “nothing will ever be the same again” is just pessimistic and unnecessary. We actually can return to the prosperity of the past, by replacing debt and austerity with freedom and independence. There is no need for Americans to suffer through what European countries are suffering, because nearly all the problems we face are caused by governmental intrusions into many aspects of our personal and economic lives — intrusions by federal, state and local governments. Regardless of the good intentions that the welfare and military socialism statists have in justifying their use of compulsory government powers, what America needs is to cut the shackles of State-imposed dependence, restrictions, regulations, taxation, all those policies of moral relativism that involve violations of the Rule of Law: theft, trespass, denial of Due Process, and other acts of State-initiated criminal aggression. Freeing Americans includes repealing all forms of intrusive presumption-of-guilt regulations and restrictions that are in place having nothing to do with whether any individual is suspected of any crimes against others. Regulations are before-the-fact demands by the government that presume the individual and one’s business guilty, in which one must submit one’s private personal or financial information to the government to prove one’s innocence. Government regulations and arbitrary restrictions are literally searches and seizures by the government of information that is none of anyone else’s business, and effect in the stifling of everyday citizens’ growth and prosperity. Ending all personal income taxes , corporate taxes, estate taxes, and capital gains taxes frees people who own or share in the ownership of businesses — i.e. employers and prospective employers — to invest in their own research and development and in the expansion of their businesses, which is the genuine force behind jobs creation, in both blue collar and white collar sectors. Ending all personal income taxes frees people to explore their own ideas and inventions, and to start their own businesses that will employ more people and advance society further. Also…

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Bank of America (NYSE:BAC) Boosts Las Vegas Sands (NYSE:LVS), Wynn Resorts (Nasdaq:WYNN)

Las Vegas Sands (NYSE:LVS) and Wynn Resorts (Nasdaq:WYNN) got a PT boost from Bank of America (NYSE:BAC), as the travel and luxury sector appears to be improving.Las Vegas Sands’ price target was raised from $50 to $55, while Wynn Resorts was increased from $120 to $140. Wynn Resorts was trading at $118.32, gaining $3.50, or 3.04 percent, as of 2:53 PM EST. Las Vegas Sands was trading at $46.18,

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Susquehanna Maintains “Positive” View of Bank of America (BAC)

Filed in bank of america, dividend, Gold Investing, Gold Investment, o, shares by on January 24, 2011 0 Comments

Banking giant Bank of America Corporation ( BAC ) on Monday saw its “Positive” rating reiterated by analysts at Susquehanna. The firm noted it still expects BAC to “reap the benefits in 2011 and 2102 of the $10 billion ï¿¿investmentï¿¿ it made in 2011 in mortgage repurchase settlement costs and litigation expenses, as well as lower loan loss provisions.” Susquehanna also said it anticipates fee income and credit costs will be resolved positively, possibly aiding the company’s bottom line in 2011 and 2012. Bank of America shares were mostly flat in premarket trading Monday. The Bottom Line Shares of Bank of America ( BAC ) have a .28% dividend yield, based on Friday’s closing stock price of $14.25. The stock has technical support in the $11-$12 price area. If the shares can firm up, we see overhead resistance around the $15-$16 price levels. Bank of America Corporation ( BAC ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.1 out of 5 stars. Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

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Dividend Stock Leaders for the Week of Jan.18-21 (GE, MOS, MS, BAC, FCX, CLF, more)

Here are some of the biggest dividend stock winners and losers from the week that just ended. Company Fri. Close Weekly % Change Dividend Yield Pep Boys ( PBY ) $14.15 +7.28% 0.85% Lockheed Martin Corporation ( LMT ) $79.22 +6.34% 3.79% General Electric Company ( GE ) $19.74 +4.89% 2.84% Adtran Inc. ( ADTN ) $41.32 +4.87% 0.87% Oracle Corporation ( ORCL ) $32.51 +4.03% 0.62% Morgan Stanley ( MS ) $30.01 +3.55% 0.67% Peabody Energy Corporation ( BTU ) $58.17 -6.19% 0.58% Bank of America Corporation ( BAC ) $14.25 -6.56% 0.28% Cliffs Natural Resources ( CLF ) $81.66 -8.08% 0.69% Freeport-McMoran ( FCX ) $108.40 -8.41% 1.85% CF Industries Holdings Inc. ( CF ) $133.30 -8.87% 0.30% Sotheby’s Holdings Inc. ( BID ) $41.27 -9.04% 0.48% Mosaic Company (the) ( MOS ) $73.20 -11.78% 0.27% Hudson City Bancorp Inc. ( HCBK ) $11.25 -14.71% 5.33% Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

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Bank of America (NYSE:BAC) Weighed Down by Countrywide Acquisition

Bank of America (NYSE:BAC) continues to be held back by their acquisition of Countrywide, which brought with it huge exposure to the home loan market. That has resulted in another quarterly loss for the financial giant, which lost $1.2 billion for the quarter.Bad home loans were by far the major loss for the bank in the reporting period. The loss was driven by a $2 billion writedown related to

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Bank of America Posts $1.24 Billion Q4 Loss on Charges (BAC)

Filed in bank of america, dividend, Gold Bullion prices, o, shares by on January 21, 2011 0 Comments

Banking giant Bank of America Corporation ( BAC ) on Friday posted a big fourth quarter loss, hurt by impairment charges in its home loans and insurance segment. The Charlotte, NC-based posted a fourth quarter net loss of $1.24 billion, or -16 cents per share, compared with a smaller net loss of $194 billion, or -60 cents per share. Excluding one-time items, adjusted profit was $756 million, or 4 cents per share. On average, Wall Street analysts expected a much higher adjusted profit of 18 cents per share. Bank of America shares fell 27 cents, or -1.8%, in premarket trading Friday. The Bottom Line Shares of Bank of America ( BAC ) have a .28% dividend yield, based on last night’s closing stock price of $14.54. The stock has technical support in the $11-$12 price area. If the shares can firm up, we see overhead resistance around the $15-$16 price levels. Bank of America Corporation ( BAC ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.1 out of 5 stars. Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

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Bank of America’s (NYSE:BAC) December Card Charge-offs Drop

Filed in bank of america, Debt, Gold Bullion prices, o by on January 18, 2011 0 Comments

Charge-offs for credit card debt at Bank of America (NYSE:BAC) dropped to its lowest levels for 2010 in December, said the giant bank. This type of debt is considered as noncollectable when it is written off by a financial institution. Also improving in December were credit-card late payments. For the month of December, Bank of America wrote off 9.31 percent of credit card balance, an

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Bank of America’s (NYSE:BAC) Online Banking System Finally Restored

Filed in bank of america, Gold Bullion prices, o, Online Banking by on January 15, 2011 0 Comments

After the close of business hours on Friday, Bank of America (NYSE:BAC) finally restored access to their online banking system after a number of customers weren’t able to access it all business day. The online banking system of Bank of America went down at about 7 AM EST, and didn’t come back online until around 5:15 PM. For customers that were able to access their accounts, the system was

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Bank of America’s (NYSE:BAC) 4Q10 EPS Lowered by Barclays (NYSE:BCS)

Filed in bank of america, barclays, EPS, o, silver by on January 11, 2011 0 Comments

Bank of America (NYSE:BAC) had their EPS estimate for the fourth quarter lowered significantly by Barclays (NYSE:BCS), citing the expected $3 billion repurchase provision in 2011.Barclays noted, “We expect BAC to report 4Q10 EPS of $0.16 versus our prior $0.26 estimate and the $0.24 consensus. The reduction to our 4Q EPS estimate reflects the $3 billion ($2.4B more than we had forecasted)

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Dividend Stock Leaders for the Week of Jan.3-7 (WYNN, POT, BAC, FDO, NEM, TGT, more)

Here are some of the biggest dividend stock winners and losers from the week that just ended. Company Fri. Close Weekly % Change Dividend Yield Wynn Resorts ( WYNN ) $118.73 +14.34% 0.84% KB Home ( KBH ) $15.25 +13.05% 1.64% L-3 Communications Holdings Inc. ( LLL ) $78.23 +10.98% 2.05% Moody’s Corporation ( MCO ) $29.29 +10.36% 1.57% D.R. Horton Inc. ( DHI ) $13.02 +9.14% 1.15% Potash Corporation Of Saskatchewan Inc. ( POT ) $166.92 +7.81% 0.24% Bank of America Corporation ( BAC ) $14.25 +6.82% 0.28% Newmont Mining Corporation (holding Company) ( NEM ) $56.89 -7.39% 1.02% Barrick Gold Corporation ( ABX ) $49.10 -7.67% 0.98% Macy’s ( M ) $23.31 -7.87% 0.86% Agnico-Eagle Mines ( AEM ) $70.43 -8.17% 0.91% Target Corporation ( TGT ) $55.05 -8.45% 1.82% AngloGold Ashanti Ltd. ( AU ) $44.82 -8.96% 0.33% Guess? Inc. ( GES ) $42.67 -9.83% 1.87% Pan American Silver Corp. ( PAAS ) $36.79 -10.73% 0.27% Family Dollar Stores Inc. ( FDO ) $43.90 -11.69% 1.41% Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

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Feds Investigate Alleged $1 Million Embezzlement by a Hawaii Bank of America Employee Who Has Vanished

Filed in bank of america, Debt, economy, Gold, o by on January 7, 2011 0 Comments

Federal authorities are investigating a loan officer fired from the Bank of America’s Honolulu office last month for allegedly stealing at least $1 million of customer funds to repay personal gambling debts, HawaiiReporter has learned. Michael Ho Kim was discharged from the bank shortly before Christmas and his whereabouts are now unknown.

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