Bank of America misses estimates and falls 4% after $1.2B fine; BlackRock surges 5%, Morgan Stanley steady
What happened
Bank of America shares fell 4% Wednesday after its Q3 results came up shy of analysts' estimates, coming on top of the $1.21 billion Treasury Department fine for alleged money-laundering violations disclosed earlier. In contrast, BlackRock stock surged 5% on its own results, and Morgan Stanley shares advanced less than 1%. The divergence extends Tuesday's split bank-earnings picture, where Goldman soared on a big beat while JPMorgan, Citigroup, and Wells Fargo all closed lower despite mixed-to-positive results.
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Start your free 14-day trialWho’s affected
- Bank of America (BAC) -4% on the earnings miss compounded by the $1.21B regulatory fine
- BlackRock (BLK) +5% on strong results
- Morgan Stanley (MS) up modestly (<1%); broader financial sector, with the KBW bank index under pressure after Tuesday's mixed bank prints.