(Reuters) -Bank of America said on Wednesday its board has authorized a $40 billion stock repurchase program. The new buyback program, which will take effect on August 1, will replace the current authorization, which had about $9.1 billion in repurchases remaining as of June 30, the bank said. The biggest U.S. lenders have enough capital…
Shares of online advertising giant Alphabet (NASDAQ:GOOGL) jumped 2.6% in the morning session after several Wall Street analysts boosted their price targets on the company, citing optimism around artificial intelligence and a favorable economic outlook. Morgan Stanley increased its price target on the shares to $205 from $185, pointing to potential revenue acceleration driven by…
By Nupur Anand NEW YORK (Reuters) -Bank of America has been working on stablecoins like the rest of the industry and investors can expect the lender to move forward on this, CEO Brian Moynihan said on Wednesday, without giving a timeline. “We feel both the industry and ourselves will have responses. We’ve done a lot…
US stocks pared gains Wednesday as Wall Street weighed a surprise inflation print and scoured the latest batch of earnings for signs that corporate America is weathering the tariff turmoil. The Dow Jones Industrial Average (^DJI) rose about 0.1%, having opened higher. The blue-chip index lost over 400 points on Tuesday. Meanwhile, the S&P 500…
US stocks pared gains Wednesday as Wall Street weighed a surprise inflation print and scoured the latest batch of earnings for signs that corporate America is weathering the tariff turmoil. The Dow Jones Industrial Average (^DJI) rose about 0.1% after opening higher. The blue-chip index lost over 400 points on Tuesday. Meanwhile, the S&P 500…
Fresh trade threats aren’t stopping Wall Street strategists from raising their bets on stocks. Goldman Sachs (GS) raised its year-end S&P 500 (^GSPC) target to 6,600 late Monday, up from a prior estimate of 6,100, citing deeper Fed rate cuts, lower bond yields, and investors’ willingness to look past near-term earnings weakness. Bank of America…
Global shares were largely unchanged on Wednesday after unexpectedly weak US labour market data and a rout in British markets as speculation grew about UK chancellor Rachel Reeves’ political future. Dublin The Iseq index moved 0.2 per cent higher, led by Ryanair and the main Irish banks. The airline jumped 0.7 per cent to €23.99…
That would represent as much as a 48 per cent overall growth this year for China’s AI capex from 2024, BofA Securities’ co-head of China equity research Matty Zhao, who also heads Asia-Pacific basic materials, oil and gas research at BofA Global Research, said in an interview on Monday. Government investment is expected to account…
Tariffs imposed by the US have made exporting to the country “impossible” for Chinese electric vehicle (EV) manufacturers, an executive at major producer Xpeng has said during his visit to Hong Kong. But Yeqing Zheng said on Thursday that the Guangzhou-based Xpeng’s enhanced efforts to tap into other markets, which involved establishing assembly operations outside…
HSBC subsidiary Hang Seng Bank appointed Gilbert Lee Man-lung, the eldest son of Hong Kong Chief Executive John Lee Ka-chiu, as deputy head of its China unit. The lender said that it would promote the junior Lee, 47, to vice-chairman of Hang Seng Bank (China) from his current position as head of strategy and planning…