Bank of America drops on Treasury Fine, Bumble Jumps, Microsoft Gains

Today's biggest winners and losers in the stock market, a look at the notable movers:
On this episode of Stock Movers:

- Bank of America (BAC) was fined more than $1.21 billion for money laundering and sanctions violations by US regulators.The enforcement actions, announced by the Treasury Department, includes a record $750 million civil penalty from the Office of the Comptroller of the Currency, according to a statement Tuesday. Regulators also placed the bank under a consent order.Bank of America is scheduled to report third-quarter earnings before markets open Wednesday. The bank said it expects those results to include a $1.2 billion non-tax-deductible charge that will cut into net income by about 17 cents a share.

-Bumble (BMBL) shares soar on news Ithaca is taking Bumble private for $1.3 billion, with a deal price of $6.05 per share. Bumble founder Whitney Wolfe Herd said she would “remain actively involved with Bumble” after the deal, which marks a significant change for the company that was valued at $14 billion when it went public.

- Microsoft (MSFT) shares are on pace to close at their first record in nearly a year as the software maker’s four-month rally gains momentum. The stock has gained more than 50% from a June low, adding roughly $1.5 trillion in market value, as sentiment toward the company and its position in artificial intelligence continues to improve. Of the 72 analysts tracked by Bloomberg that cover Microsoft, 68 now have buy ratings and there are no sells, with the average price target implying upside of about 8% over the next 12 months.

See omnystudio.com/listener for privacy information.