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MarketScreener Homepage  >  Equities  >  Nyse  >  Bank of America Corporation    BAC

BANK OF AMERICA CORPORATION

(BAC)
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Glitches Hit Trading Platforms Run By Bank of America, TD Ameritrade, Vanguard

11/24/2020 | 04:12pm EST

By Alexander Osipovich

Popular trading platforms run by Bank of America Corp., TD Ameritrade Holding Corp. and Vanguard Group suffered glitches Tuesday that rendered them inaccessible or slow to use, frustrating investors on a landmark day for the U.S. stock market.

The snafus began as markets opened at 9:30 a.m. ET, before the Dow Jones Industrial Average surpassed 30000 for the first time, according to the tech-service tracker Downdetector.

Users of Bank of America's Merrill Edge platform shared screenshots indicating that its site was temporarily unavailable. Mark Chockalingam, an investor in Sudbury, Mass., said he was unable to log into Merrill Edge for about four hours.

Mr. Chockalingam said he was hoping to lock in a profit on call options he recently bought on energy companies including Apache Corp. and Pioneer Natural Resources Co., which had jumped in value after a rally in the price of oil.

"If the brokerage is out, I'll be out thousands of dollars, even though I made the right call," said Mr. Chockalingam, who runs a supply-chain-management consulting firm. He was later able to connect to Merrill Edge.

A Bank of America spokesman said on Tuesday afternoon: "All systems are currently operating business as usual. Earlier, some clients experienced a technical issue when trying to log into MyMerrill and Merrill Edge."

Brokerage platforms run by TD Ameritrade -- including thinkorswim, which is popular with day traders -- suffered slowdowns at the start of the trading day, making it difficult to use its website or submit orders, users said.

"This morning, clients experienced a few minutes of slowness across our trading platforms at Market Open," said a spokeswoman for TD Ameritrade, which was recently acquired by Charles Schwab Corp. "The issue was quickly resolved."

Vanguard users also complained that the asset-management giant's website wasn't working properly. At 10:03 a.m. ET, a Twitter user named Coleslaw_84 tweeted, "website so slowwwwwwwwwww," spurring an apologetic response from Vanguard.

A Vanguard spokeswoman confirmed that some clients may have experienced difficulty navigating its website for individual investors. "The issue is now resolved," she said. "We apologize for the inconvenience and thank clients for their patience."

U.S. stocks rallied after President Trump signaled late Monday that his administration would cooperate with President-elect Joe Biden to allow the presidential transition to go forward, removing a source of uncertainty that had dogged the market in recent weeks.

That triggered a huge spike in trading volume. Some 2.9 billion shares of New York Stock Exchange- and Nasdaq-listed stocks changed hands during the first half hour of trading on Tuesday, more than 80% higher than the average full-day volume this year, according to Dow Jones Market Data.

Similar volume spikes earlier this year have also caused problems for popular trading platforms. On Nov. 9, glitches hit Schwab, Fidelity Investments, Vanguard, TD Ameritrade and Webull Financial LLC during a surge in trading spurred by news that a Covid-19 vaccine candidate bring developed by Pfizer Inc. and its partner BioNTech SE was highly effective, according to early data.

Write to Alexander Osipovich at alexander.osipovich@dowjones.com

(END) Dow Jones Newswires

11-24-20 1612ET

Stocks mentioned in the article
ChangeLast1st jan.
APACHE CORPORATION 3.18% 17.82 Delayed Quote.25.58%
BANK OF AMERICA CORPORATION -0.73% 32.77 Delayed Quote.8.91%
BIONTECH SE 3.06% 104.7 Delayed Quote.28.93%
DJ INDUSTRIAL 0.38% 30930.52 Delayed Quote.0.68%
LONDON BRENT OIL 0.79% 56.34 Delayed Quote.6.15%
MANAGEMENT CONSULTING GROUP PLC -30.09% 0.23 End-of-day quote.-86.67%
NASDAQ 100 1.50% 12996.536673 Delayed Quote.-0.65%
NASDAQ COMP. 1.53% 13197.179496 Delayed Quote.0.86%
PFIZER INC. 0.08% 36.73 Delayed Quote.-0.22%
PIONEER NATURAL RESOURCES COMPANY 3.66% 132.04 Delayed Quote.15.94%
S&P 500 0.81% 3798.91 Delayed Quote.1.14%
TD AMERITRADE HOLDING CORPORATION -2.08% 39.97 End-of-day quote.0.00%
THE CHARLES SCHWAB CORPORATION 0.82% 59.23 Delayed Quote.11.67%
WTI 0.87% 53.606 Delayed Quote.8.19%
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Financials (USD)
Sales 2020 86 493 M - -
Net income 2020 15 607 M - -
Net Debt 2020 - - -
P/E ratio 2020 18,4x
Yield 2020 2,19%
Capitalization 283 B 283 B -
Capi. / Sales 2020 3,28x
Capi. / Sales 2021 3,31x
Nbr of Employees 212 505
Free-Float 99,9%
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Technical analysis trends BANK OF AMERICA CORPORATION
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
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Buy
Mean consensus OUTPERFORM
Number of Analysts 28
Average target price 34,10 $
Last Close Price 32,77 $
Spread / Highest target 34,3%
Spread / Average Target 4,06%
Spread / Lowest Target -23,7%
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Managers and Directors
NameTitle
Brian T. Moynihan Chairman, President & Chief Executive Officer
Catherine P. Bessant Co-COO & Chief Technology Officer
Thomas Kell Montag Co-Chief Operating Officer
Paul M. Donofrio Chief Financial Officer
Thomas J. May Independent Director
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