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December 2, 2009

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Stock falls on earnings worries

Tuesday, Jan. 11, 2000 | 11:03 a.m.

Analysts' concerns over lower than expected earnings are taking their toll on Bank of America stock.

On Monday B of A stock fell 1.81 to 46.88; since July, the stock has fallen about 40 percent. Industry experts say uncertainty over the Charlotte, N.C.-based bank's ability to meet projected earnings is one of several factors hurting investor confidence.

"Investors are worried about increased expenses related to the bank's Internet and investment banking area," said Joe Morford, analyst with San Francisco-based Dain Rauscher Wessels. "Also, all banks have been weaker lately due to concerns over future interest rate hikes. Given its liquidity, B of A is a bellweather for the whole sector."

Morford said his B of A 2000 earnings estimate of $5.40 a share remains unchanged for now. The bank's earnings are to be announced Jan. 18.

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