Bank Of America Slashes Job Postings As Mobile Offerings Surge
Thinknum | Oct 16, 2019 08:29AM ET
Bank of America (NYSE:BAC) has a handful of positive alternative data trends guiding its stock as the company heads into its third-quarter earnings report.
Get The News You Want
It might not always be a welcomed sign for investors when a company cuts job postings - and Bank of America did just that, globally, reducing 14.5% over the course of the third quarter - but a look at the bank's full 2019 chart bears similarities to another, JPMorgan Chase (NYSE:JPM), which mightly topped analyst estimates in what's been a big Q3 for consumer (and not investment) banks.
Get The News You Want
A number of Wall Street banks are back on their Brexit - as UK Prime Minister Boris Johnson steadies for a split from the European Union - but that hasn't quite applied to Bank of America, which saw job postings in Great Britain rise for a time in 2019, only to dip back down. That said, many other big banks are slashing job postings in the UK - and Bank of America's reduction in job postings appears to be tame by comparison.
Get The News You Want
Analysts are bullish on Bank of America thanks to its digital capabilities - and the chart backs them up. Our chart tracking Apple (NASDAQ:AAPL) Store Ratings Count reflects a quarterly rise of 27%, to nearly 1.75 million, for Bank of America 's mobile product, a sign that it is either catching on with more consumers - or at the least, getting more people to rate the app (which, by the way, has earned a 4.8 out of 5 score). Bank of America has earned nearly 600,000 additional ratings in the Google (NASDAQ:GOOGL) Play Store, as well.
Get The News You Want
"The company's mobile offerings are among the best in the industry, and as usage increases, we expect BAC to see an increase in its profitability and earnings growth," RBC Capital Markets analysts wrote in a note dated September 30, 2019. Still, they cautioned, the Federal Reserve could throw a wet blanket on bank investors' party: "Looking out to 2020, we expect net interest income to moderate somewhat as US banks contend with a difficult rate environment."
Analysts tracked by Zacks Investment Research are looking for EPS $0.68 when Bank of America (NYSE:BAC) announces earnings October 16 - the RBC analysts have an 'outperform' rating with expectations of $35 per share for the banks' stock.
Get The News You Want
About the Data:
Get The News You Want
Get The News You Want
Thinknum tracks companies using information they post online - jobs, social and web traffic, product sales and app ratings - and creates data sets that measure factors like hiring, revenue and foot traffic. Data sets may not be fully comprehensive (they only account for what is available on the web), but they can be used to gauge performance factors like staffing and sales.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.