On Tuesday, Shares of Bank of America Corporation (NYSE:BAC), gained 1.57% to $16.77.
Global investors have less appetite for higher risk exposures, particularly in the U.S., according to the BofA Merrill Lynch Fund Manager Survey for May.
While a net 47 percent of respondents remain overweight equities, this is down seven percentage points month-on-month. Appetite for U.S. stocks has declined to a net 19 percent underweight, in contrast to strong overweights across 1Q. Confidence in corporate profitability has also fallen, with only 7 percent of investors viewing the U.S. as the region with the most favorable earnings outlook. Long U.S. dollar remains investment markets’ most crowded trade, in fund managers’ view. However, the survey’s 41 percent reading on this measure has fallen sharply from last month.
At the same time, overweight cash positions have risen sharply. This month’s reading of a net 23 percent is the survey’s highest since December 2014.
These shifts follow the recent aggressive sell-off in bond markets. The survey shows a strong rise in panelists’ assessment of bonds as the asset class most vulnerable to volatility in 2015 - up to 56 percent. Bond underweights have also raised.
Bank of America Corporation, through its auxiliaries, provides banking and financial products and services for individual consumers, small and middle market businesses, institutional investors, large corporations, and governments worldwide.
Shares of The TJX Companies, Inc. (NYSE:TJX), inclined 2.87% to $69.19, during its last trading session.
The TJX Companies, declared sales and earnings results for the first quarter ended May 2, 2015. Net sales for the first quarter of Fiscal 2016 raised 6% to $6.9 billion, and merged comparable store sales raised 5%. Net income for the first quarter was $475 million, and diluted earnings per share were $.69, an 8% enhance over the preceding year.
Carol Meyrowitz, Chief Executive Officer of The TJX Companies, Inc., stated, “We are extremely happy with our continued momentum and first quarter performance. Our 5% merged comparable store sales growth and 8% enhance in earnings per share were both well above our plan. Our outstanding values and exciting mix of apparel and home fashions continue to resonate with shoppers across all of our geographies. It was great to see that, similar to last quarter, comp sales were almost entirely driven by customer traffic and we had a noteworthyenhance in units sold. At the same time, we also saw a strong enhance in our merchandise margins. We were very happy that we achieved these strong results despite noteworthyforeign currency headwinds and while simultaneously investing in our business to support our growth aims. Our underlying business remains strong, our values are better than ever, and we have many exciting initiatives planned for the remainder of the year to continue driving sales and customer traffic. Further, we are thrilled to see our retail brands becoming more powerful and recognizable with consumers. We are raising our full year earnings per share and comp sales guidance based on the strength of our first quarter results. The second quarter is off to a very strong start and we are confident in our ability to achieve our plans for 2015. We remain convinced that we have the right strategy in place to achieve our long-term growth aims as TJX continues on the path to becoming a $40 billion-plus global, value retailer!”
The TJX Companies, Inc. operates as an off-price apparel and home fashions retailer in the United States and internationally. It operates through four segments: Marmaxx, HomeGoods, TJX Canada, and TJX Europe. The company sells family apparel, counting footwear and accessories; home fashions, such as home basics, accent furniture, lamps, rugs, wall décor, decorative accessories, and giftware; and other merchandise.
At the end of Tuesday’s trade, Shares of Medtronic plc (NYSE:MDT), gained 1.25% to $78.44.
Medtronic, declared its preliminary revenue results for the fourth quarter and fiscal year 2015, which ended April 24, 2015. As this is the first quarter where the company is reporting results that comprise its recent acquisition of Covidien, full financial results are predictable to be stated on June 2, 2015, two weeks later than the company`s normal reporting date.
The company declared preliminary fourth quarter worldwide revenue of about $7.302 billion, contrast to $7.257 billion on a comparable basis in the fourth quarter of fiscal year 2014, an enhance of 7 percent after adjusting for an about $482 million negative foreign currency impact. As stated, revenue raised 60 percent when contrast to the $4.566 billion stated by Medtronic, Inc. in the fourth quarter of fiscal year 2014.
Fourth quarter U.S. revenue of about $4.055 billion raised 8 percent, or 67 percent as stated. Fourth quarter non-U.S. developed market revenue of about $2.320 billion raised 5 percent, or 48 percent as stated. Fourth quarter emerging market revenue of about $927 million raised 11 percent, or 62 percent as stated, and represented about 13 percent of company revenue.
Medtronic plc, a healthcare solutions company, provides medical technologies, services, and solutions worldwide. It operates through three segments: Cardiac and Vascular Group, Restorative Therapies Group, and Diabetes Group.
Finally, SouFun Holdings Ltd. (NYSE:SFUN), ended its last trade with -1.19% loss, and closed at $7.45.
SouFun Holdings, will report its unaudited first quarter 2015 financial results before the U.S. market opens on Wednesday, May 20, 2015.
SouFun’s administration team will host a conference call on the same day at 8:00 AM U.S. EST (8:00 PM Beijing/Hong Kong time).
SouFun Holdings Limited operates a real estate Internet portal, and home furnishing and improvement Websites in the People’s Republic of China. The company offers marketing services on its Websites, primarily through advertisements to real estate developers in the marketing phase of new property developments, in addition to to real estate agencies; and suppliers of home furnishing and improvement, and other home-related products and services.
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