BofA shares close down 9 percent
Bank of America Corp. shares dropped about 9% in trading Friday as the stock market ended the week on a sour note, reacting to concerns about big bank revenues and consumer pessimism.
Most major Charlotte-area stocks followed the Dow into negative territory. The Dow closed down 2.5 percent to 10,097, a drop of more than 261 points that cost the index all earlier gains this week.
Trading suffered when Charlotte-based BofA (NYSE: BAC) announced financial reforms could cost it up to $10 billion from a loss of debit card revenue. BofA shares closed Friday at $14, down $1.39 or 9.2 percent.
BofA, the nation’s largest bank by total assets, beat analysts expectations with $2.8 billion in net income during the second-quarter, but its total revenue declined from the same quarter a year ago. In addition, competitor Citibank also met expectations but disappointed with revenue declines from a year ago.
The only local stock to hold ground was Family Dollar Stores Inc. (NYSE:FDO). The Matthews-based retailer closed at $38.12, up 2 cents.
Among key public companies in the Charlotte area:
•Duke Energy Corp payday loans with no fax. (NYSE:DUK) closed at $16.87, down 21 cents.
•Wells Fargo & Co. (NYSE:WFC), San Francisco parent of Charlotte-based Wachovia Bank, closed at $26.24, down $1.57.
•Nucor Corp. (NYSE:NUE) closed at $38.05, down $1.22.
•SPX Corp. (NYSE:SPW) closed at $53.56, down $1.26.
•Goodrich Corp. (NYSE:GR) closed at $66.70, down $2.80.
•Mooresville-based Lowe’s Cos. Inc. (NYSE:LOW) closed at $20.04, down 84 cents.
•Snack maker Lance Inc. (NASDAQ:LNCE) closed at $16.51, down 46 cents.
•Piedmont Natural Gas Co. Inc. (NYSE:PNY) closed at $25.33, down 76 cents.
•Concord-based Speedway Motorsports Inc. (NYSE:TRK) closed at $13.06, down 53 cents.
•Cato Corp. (NYSE: CATO) closed at $22.33, down 46 cents.
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