Bank of America Sheds Billions in Value, Morgan Stanley Falls, BlackRock Jumps

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Today's biggest gainers and decliners in the stock market.

On this episode of Stock Movers:

- Bank of America (BAC)'s biggest regulatory fine in the past decade is driving one of its worst earnings days in recent years. Issues with its money-laundering and sanctions controls culminated this week with $1.21 billion of fines — the biggest penalty ever levied by the Office of the Comptroller of the Currency and the third-biggest from the Treasury Department. The news landed less than 15 hours before the bank reported earnings, which were crimped by the charge. Shares declined as much as nearly 9% in trading on Wednesday.

- Morgan Stanley (MS) sold $3 billion of investment-grade bonds Wednesday, braving a volatile market that saw Treasury yields surge for a time because of higher-than-expected consumer price growth. The sale came after Morgan Stanley reported third-quarter results that included record net new assets for its wealth-management business. It brought the bank’s bond issuance this year to $46 billion, the most among the six big Wall Street firms. Shares traded lower.

- BlackRock (BLK) pulled in $205 billion of new money in the third quarter as revenue surged at the world’s largest asset manager, which is now a full year into a major transformation to push further into higher-fee private markets. Shares of BlackRock rose as much as 3.7% to $1,106 after the market open in New York.

 
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