According to a report by Reuters, citing a corporate filing, up to 125 jobs are expected to be moved by Bank of America Corporation (BAC) from the UK mostly to Ireland in preparation for Brexit in March 2019.
Bank of America shares closed lower for a second consecutive trading session on Thursday. The stock went down 1.28% ($0.38) to $29.20, after touching an intraday low at $28.43, or a price level not seen since December 7th 2017 ($28.37).
In the week ended on April 29th the shares of the financial holding company lost 0.36% of their market value compared to a week ago, which marked the second drop out of five weeks.
The stock has extended its loss to 2.41% so far during the current month, following a 0.23% drop in April. The latter has been a second straight month of losses.
For the entire past year, Bank of America shares rose 33.57% following another 31.31% surge in 2016.
The job moves are to occur between July and December 2018.
According to the banks filing, the moves will affect employees engaged in finance, technology, credit functions, risk and compliance.
The bank said that the 125 jobs likely to be relocated were part of a first phase of job moves.
The bank also noted that a second phase of moves would depend on the outcome of negotiations between the UK and the European Union.
The majority of “potential second phase relocations” would be to France, while other possible job moves would be to Ireland and Germany, Bank of America said.
According to CNN Money, the 30 analysts, offering 12-month forecasts regarding Bank of America’s stock price, have a median target of $35.00, with a high estimate of $37.00 and a low estimate of $28.00. The median estimate is a 19.86% surge compared to the closing price of $29.20 on May 3rd.
The same media also reported that 17 out of 31 surveyed investment analysts had rated Bank of America’s stock as “Buy”, while 9 – as “Hold”.
Daily and Weekly Pivot Levels
With the help of the Camarilla calculation method, todays levels of importance for the Bank of America stock are presented as follows:
R1 – $29.30
R2 – $29.40
R3 (Range Resistance – Sell) – $29.50
R4 (Long Breakout) – $29.80
R5 (Breakout Target 1) – $30.15
R6 (Breakout Target 2) – $30.32
S1 – $29.10
S2 – $29.00
S3 (Range Support – Buy) – $28.90
S4 (Short Breakout) – $28.60
S5 (Breakout Target 1) – $28.25
S6 (Breakout Target 2) – $28.08
By using the traditional method of calculation, the weekly levels of importance for Bank of America Corporation (BAC) are presented as follows:
Central Pivot Point – $30.27
R1 – $30.74
R2 – $31.33
R3 – $31.80
R4 – $32.27
S1 – $29.68
S2 – $29.21
S3 – $28.62
S4 – $28.03
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