BAC Bank of America Corporation

1411 ET -- Bank of America is one of the most mentioned companies in the U.S. across all news items in the last 12 hours, according to Factiva data. Bank of America CEO Brian Moynihan has penciled in a soft landing for the economy and offered some insights into the state of the consumer on the company's fourth-quarter earnings call on Friday. "We see the consumer activity indicating that they're still in the game. They're still spending money," he said. "They have access to credit. They've locked in good rates on their mortgages, and they're employed. We think the soft landing is a core thesis." The bank's outlook takes into consideration anticipated rate cuts from the Federal Reserve. BofA turned in quarterly earnings of 35 cents a share, missing Wall Street's call for 53 cents. Removing two sizable charges, adjusted earnings of 70 cents arrived in line with estimates. Dow Jones & Co. owns Factiva. (matthew.walker@dowjones.com)

(END) Dow Jones Newswires

January 12, 2024 14:26 ET (19:26 GMT)

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