Bank of America make new highs off the back of impressive earnings

US Indices Continue to edge higher off the back of higher inflation that was released during the week, showing a significant recovery following a strong selloff last month. As the US market is set to open up, we’re poised for a strong close to the week that might be an indication of a continuation for next week, as the majority of company earnings beat expectations as the Financial Sector lead the way with the banks producing higher than expected revenue and earnings.

Yesterday’s movers:

• Coinbase Global Inc (COIN) was up 5.36% following Coinbase suggestion to put a crypto regulatory framework in place to replace SEC
• Plug Power (PLUG) was down 5.30% as profit-taking came into the market off the back of an increase in sales and an extended run
• Lyft (LYFT) was down 5.13% as RBC Capital Markets lowered its price target
• Bank of America Corporation (BAC) was up 4.47% as Earnings and Revenue beat expectations

Stocks to watch:

Bank of America (BAC)

As the third-quarter results were released yesterday earnings and revenue beat expectations resulting in the share price breaking to make new all-time high levels, net interest income, as well as pre-tax profits, are both above pre-Covid levels showing substantial progress being made.

There may be a potential upside to a target of $54, as the recent results suggest growth should continue into the next quarter.