BANK OF AMERICA CORP. $33 (New York symbol BAC; Conservative Growth Portfolio, Finance sector; Shares outstanding: 4.5 billion; Market cap: $148.5 billion; WSSF Rating: Above average), has reported better-than-forecast profits for the second quarter despite rising losses from its mortgage operations. Earnings in the quarter fell 43.8%, to $0.72 a share from $1.28 a year earlier. These figures do not include mortgage lender Countrywide Financial Corp., which Bank of America acquired on July 1, 2008.
We feel the purchase will expand Bank of America’s long-term earnings. However, it will probably take it several months to restructure Countrywide.
Bank of America is a hold.
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