Bank of America Corp (NYSE:BAC) stock was a strong and jumped 0.65%, while closed at $ 17.08 with the overall traded volume of 56,108,405 shares. Beta value of stock is 1.68.
An upbeat Brian Moynihan took the stage of the Charlotte Chamber's 2015 Economic Outlook Conference Friday, according to bizjournals report.
The chairman and CEO of Charlotte, NC-based Bank of America (NYSE: BAC) feels good about the economy and his company moving into 2016. Interest rates are up, the economy is improving and Bank of America is finally seeing earnings improve after years of cost cutting and sky-high litigation costs. Bank of America is the second-largest bank in Central Florida, with $9.56 billion in local deposits and 61 branches.
The stock price is going above to its 52 week low with 17.69 % and lagging behind from its 52 week high with -7.02 %. Analyst recommendation for this stock stands at 1.90. A look on the firm performance, its monthly performance is 2.96 % and a quarterly performance of 8.96 %. It is trading downbeat from its 20 days moving average with -1.35 % and up from 50 days moving average with 0.33 %.
General Electric Company (NYSE:GE) closed at $ 30.49 after gaining 0.30 % for the day. The stock's institutional ownership stands at 57.50 %. During the year, the lowest price at which share is traded was $ 19.06 and hit the highest price at $ 31.05.
GE (GE) reported that it has signed an agreement to sell a 23.3% stake of Hyundai Capital Services (HCS) to Hyundai Motor Company and Kia Motors as part of a broader deal to exit its entire 43.3% ownership in HCS over the following months. Hyundai Capital is an 11 year old joint venture between Hyundai Motor Company and GE Capital that provides consumer financial products, including auto financing, auto leasing services, personal loans and home mortgages. Hyundai Motor Company and Kia Motors are global leaders in the vehicle industry.
Santander Consumer USA Holdings Inc. is a holding company. The Company is a specialized consumer finance company focused on vehicle finance and unsecured consumer lending products. The Company offers various auto financing products and services to Chrysler customers and dealers under the Chrysler Capital brand. These products and services include consumer retail installment contracts and leases, as well as dealer loans for inventory, construction, real estate, working capital and revolving lines of credit. The Company also originates vehicle loans through a Web-based direct lending program, purchases vehicle retail installment contracts and services automobile and recreational and marine vehicle portfolios for other lenders. Its products and services include vehicle finance, and origination and servicing.
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Online vehicle marketplace, www.carmudi.com.ng on Tuesday predicted that the Nigerian auto industry is expected to contribute at least 4.5 per cent of 2016 global automobile sales as a result of the country's increased investment in the automobile sector in 2015.
In the review report of the trends in the automobile sector in Nigeria, Carmudi said "In 2015, investment in the automobile industry in Nigeria was at an all-time high as more than 12 automobile manufacturing plants including cars, bikes, tricycles, and trucks began production in Nigeria.''
It said "With the rise of local automobile manufacturing industry, investors, auto financing and favourable government policies, 2016 promises to be an interesting year for Nigeria's automobile industry.
It is estimated that the revenue generated from this sector will produce 25 per cent of the national GDP in the first quarter of 2016."
The report also noted that "E-car technology will be taken into consideration more in 2016. More people will embrace hybrid cars because of their low fuel consumption and reduced exhaust emission and production of these cars will increase by 4.6 per cent by 2020. Demand for cars with other simple technologies such as GPS, remote sensor locks, car tracking devices, keyless ignition will increase."
Last month, PricewaterhouseCoopers (PWC) also has predicted that the Nigerian auto industry is expected to produce about four million cars annually by 2050.
As a reminder, Nigeria experienced significant surge in automobile sales following independence in 1960. This led to the growth of dealerships like Leventis, RT Briscoe and UAC, who provided sales and after-sales services to customers. Assembling of cars commenced in the 1970s when government entered into partnerships with the French company Peugeot to set up Peugeot Automobile Nigeria (PAN) in Kaduna.