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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: energyplay who wrote (80885)12/6/2000 2:24:25 PM
From: ItsAllCyclical  Read Replies (1) of 95453
 
Bank of America warns - deteriorating credit quality...

Wednesday, December 06, 2000

BAC warns about Q4 and 2001
--2:03 pm - By Chris Kraeuter
Bank of America (BAC: news, msgs) said fourth-quarter earnings are
expected to be $1.4 billion, or 85 cents to 90 cents a share, due to
higher credit costs and slower capital markets activity. Currently,
analysts surveyed by First Call expect earnings of $1.17 a share, on
average. Last month, the company disclosed that one large loan had
been placed on non-performing status and a significant portion of it will
be charged off. The company said it is also experiencing continuing
deterioration in credit quality. Nonperforming assets are now expected
to be about 20 percent above the third quarter level. BofA is budgeting
for higher loan losses and credit costs in 2001, but that charge offs will
not exceed the upper-end of the targeted charge off range of 45 to 75
basis points. 2001 earnings are now expected to be in a range of $5.10
to $5.20 a share. Analysts currently expect $5.46 a share. BofA shares
are up 94 cents, or 2.3 percent, to $40.25.

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BAC now at 37 1/4 RTQ. DOW and Nasdaq both off 2% now. Gold stocks and POG continuing to rally.
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