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Podcasts, radio, news. The Stock Movers Report-your overview of the companies changing the stock market, powered by powerful Bloomberg data. So, with you, Carol Massar and Tim Stenowec. Let's take a look at some of the stocks moving this Tuesday, and we have to discuss the financial sector. Yes, there were earnings reports, but there was also some news after the close of trading today. Yes, I want to start with Bank of America, whose shares have noticeably slumped in over-the-counter trading. They fell by about 2.5%.
The company was fined more than $1.21 billion for money laundering and sanctions violations by US regulators. The enforcement measures announced by the Treasury Department include a record $ 750 million civil penalty from the Office of the Comptroller of the Currency. This is stated in a statement on Tuesday. Regulators also imposed an injunction on the bank. Bank of America is due to report third-quarter earnings before the markets open on Wednesday, so we'll hear from them tomorrow. The bank said it expects to include $ 1.2 billion in non- tax- deductible charges in those results, which will reduce net income by about 17 cents per share.
This will make Wednesday's conference call very interesting and shift the focus to what analysts and investors probably want to know. By the way, let me remind everyone, last week regulators fined American Express $350 million for failing to detect and report money laundering in its system. Okay, you know, these are things that definitely worry investors when it comes to financial institutions, right? Things of that kind. We should talk about Citi, right? Yes, let's talk about Citi. That was really interesting. Citi, ticker C, and Bank of America - BAC. Thanks for that, Carol.
Please. Citi-that's C. The company fell more than 5% today, down 5.6%. This was the biggest drop in over a year. Actually, it was a good quarter. Mm. Fixed income traders had their best third quarter in a decade. Service business revenue grew by 15%. The company reported earnings per share of $2.85, beating analysts' average estimates. Revenue increased by approximately 8%. But it's all about predictions. Herman Chan from Bloomberg Intelligence was on our program today, and he said that the forecast turned out to be somewhat, quote, conservative. He said Citi did this a few
quarters ago and the stock fell, and it looks like it's happening again. I think it's safe to say that investors are a little sensitive when it comes to Citi. They have certainly made a lot of changes, made a real comeback, and appear to be ahead of most of the big banks since the beginning of the year. But, yes, it was a strange, strange day for some of the big banks. Okay, I'll move on to Microsoft, as we saw the stock rise about 4/10th of a percent during trading. But what's interesting is not so much the that stocks have reached their first record in the last year. They have risen more than 54% since their June low, adding about $1.4 trillion to market value.
Attitudes towards the company and its position in the field of artificial intelligence continue to improve. At least two firms upgraded their stock ratings to buy after a July 29 earnings report that revealed the fastest revenue growth in four years for Microsoft's cloud business. So, they returned. And investors, as we said, saw the first record for the year. And now I have to mention Bumble. Of course, Microsoft's ticker is MSFT, and Bumble's is BMBL. These stocks are up 56% during today's session. The largest increase since February 2021. You could say the shares have left the market. Oh, okay. I like what you did. Do you like what I did?
Yes, I like what you said. The dating app is going private thanks to Ethica Holdings for $1.3 billion. This is only a fraction of the company's value at the time of its IPO in 2021. Ethica Holdings is paying $6.05 per share. That's 138% higher than Bumble's closing stock price on Friday, when these rumors began circulating. 6 dollars and how much? $0.05. $6.05. Yes. So in 2021 it was $75.46 per share. Yes, big changes, big changes. After the deal is completed, the two CEOs of Ethica Holding will become co-CEOs of Bumble, while founder Whitney Wolfe Gerd will remain actively involved in Bumble's affairs. These are the things.
Good. Stocks are in motion. You know, dating apps are going through a tough time right now. I heard before, I think it was on Surveillance, that young people aren't used to dating apps. They want to meet in person. Personally. Yes. This is a market overview from Bloomberg Radio. Stay with us throughout the day for the latest news on the companies that are currently making headlines on Wall Street. And for the market-moving headlines, listen live to Bloomberg Radio. Watch us on YouTube, bloomberg.com, and on Apple CarPlay and Android Auto via the Bloomberg Business app.
