During Tuesday’s current trade, Bank of America Corporation (NYSE:BAC)’s shares lost -0.25% to $15.76, after Bank of America Merrill Lynch declared the addition of EidoSearch Predictive Analytics and Mary Epner Retail Analysis (MERA) to its BofA Merrill Open Minds alternative research platform.
BofA Merrill Open Minds has been complementing the firm’s industry-leading proprietary research since 2007 by providing institutional clients access to highly specialized independent research, covering areas such as corporate integrity risk, federal legislation and regulation, litigation and many industry sectors. The addition of EidoSearch and MERA will expand the highly specialized independent research suite presently accessible on the platform.
EidoSearch uses cutting-edge predictive analytics to quantify the influence of price, economic and market trends to project likely outcomes based on similar historic trends. These projections assist identify actionable data points for idea generation, risk administration and trade execution.
The provider analyzes patterns across equities, currencies, commodities, ETFs and indices on the scale of a billion pattern comparisons every day. It can also assist clients in better estimating risks and uncovering opportunities, and can function as an alert to project outcomes after extreme market events or price moves.
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.
During an afternoon trade, General Electric Company (NYSE:GE)’s shares climbed 0.47% to $27.77, after General Electric Fleet Services introduced BrightWorks Insights, an advanced fleet analytics platform. The BrightWorks Insights platform is GE Capital Fleet Services’ core engine for bringing together data from drivers, vehicles, fleet services, and third parties to enable companies to make smarter fleet administration decisions.
BrightWorks Insights assists fleet managers visualize key performance indicators and drill down into the data faster and more effectively. Key BrightWorks modules comprise:
- BrightWorks Fuel is a map-based module that allows fleet managers to see mileage performance across a fleet, compare it to deep fleet and industry benchmarks, and use an advanced predictive algorithm to forecast fleet fuel costs at a zipcode level. With fuel costs constantly changing, monitoring and optimizing fuel consumption is crucial to a fleet’s bottom line.
- BrightWorks Alternative Fuels uses location data to visually overlay fleet locations with local alternative fuel refilling stations to determine where alternative fuel vehicles could reduce fleet costs and carbon emissions.
- BrightWorks Maintenance shows fleet managers how well drivers are utilizing their fleets’ maintenance networks, and where the maintenance spend is going. Thorough benchmark analytics will assist keep fleets well-tuned, drivers on plan, and costs under control. This capability enables better forecasts and improved recommendations for preventive maintenance and improved network utilization.
- BrightWorks Driver Performance delivers fleet managers a dashboard view of driver behavior on key performance indicators such as mileage and unsafe driving incidences, based on a variety of data sources and fleet benchmarks. Armed with this information, companies can target programs where they will have the most influence on fleet safety and cost.
General Electric Company (GE) operates as an infrastructure and financial services company worldwide. The company’s Power and Water segment offers gas, steam and aeroderivative turbines, nuclear reactors, generators, combined cycle systems, controls, and related services; wind turbines; and water treatment services and equipment.
JPMorgan Chase & Co. (NYSE:JPM), during its Tuesday’s current trading session gained 1.47%, to $62.98, hitting its highest level today, after JPMorgan Chase & Co., stated Net revenue was $5.9 billion, up $645 million, or 12%, from the preceding year predominantly driven by higher proceed.
- Net proceed was $24.8 billion, up $967 million contrast with the preceding year, predominantly driven by strong performance in the Corporate & Investment Bank, both in Markets and Investment Banking. In addition, there was a raise in fee proceed in Asset Administration and Mortgage Banking, partially offset by lower gains in Private Equity. Net interest revenue was $11.0 billion, relatively flat contrast with the preceding year.
- Noninterest expense was $14.9 billion, up $247 million contrast with the preceding year, driven by higher Firmwide legal expense. On an adjusted expense1 basis, expense was $14.2 billion down $402 million contrast with the preceding year, driven by business simplification in the Corporate & Investment Bank and lower noninterest expense in Consumer & Community Banking.
- The current quarter also benefited from $177 million in tax adjustments, contrast to a tax charge of about $90 million in the preceding year.
- The provision for credit losses was $959 million, $109 million higher than the preceding year, despite $217 million of lower net charge-offs, reflecting lower reserve releases of $93 million as compared to $419 million in the preceding year.
JPMorgan Chase & Co., a financial holding company, provides various financial services worldwide. The company operates through four segments: Consumer & Community Banking, Corporate & Investment Bank, Commercial Banking, and Asset Administration.
Finally, Wells Fargo & Company (NYSE:WFC), lost -1.39% Tuesday, after Wells Fargo stated net revenue of $5.8 billion, or $1.04 per diluted ordinary share, for first quarter 2015, contrast with $5.9 billion, or $1.05 per share, for first quarter 2014, and up from $5.7 billion, or $1.02 per share, for fourth quarter 2014.
Proceed was $21.3 billion in the first quarter, contrast with $21.4 billion in fourth quarter 2014, as higher noninterest revenue was more than offset by the decline in net interest revenue primarily due to two fewer days in the quarter. Proceed sources remained balanced between spread and fee revenue and the sources of fee revenue were diversified among our consumer and wholesale businesses.
Net interest revenue in first quarter 2015 declined $194 million on a linked-quarter basis to $11.0 billion primarily as a result of two fewer days relative to the fourth quarter of 2014. Additionally, interest revenue from variable sources, counting purchased credit-impaired (PCI) loan resolutions and loan fees comprised of in interest revenue, declined linked quarter. These influences were partially offset by growth in average commercial and consumer loan balances, a modest raise in the duration of the commercial loan portfolio, and lower deposit and long-term debt costs.
Net interest margin was 2.95 percent, down 9 basis points from fourth quarter 2014. About 5 basis points of the decrease was from customer driven deposit growth, which had minimal influence to net interest revenue but was dilutive to net interest margin, and 3 basis points of the decline was due to lower revenue from variable sources. The net influence of all other growth and repricing was neutral in the first quarter.
Wells Fargo & Company provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. Its Community Banking segment offers checking, savings, market rate, individual retirement, and health savings accounts, in addition to time deposits and remittances; and lines of credit, auto floor plan lines, equity lines and loans, equipment and transportation loans, education and residential mortgage loans, and debit and credit cards.
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