April 21, 2008Stocks down on BoA earningsThe first hour of trading of the week pushed stocks down 85 or more points as Bank of America became the first of the week's big earnings announcements. This is from the Associated Press: CHARLOTTE, N.C. - Bank of America Corp. said Monday its profit fell 77 percent in the first quarter, hurt by trading losses and a $3.3 billion increase in reserves for problem loans. The Charlotte-based bank, set to acquire troubled subprime mortgage lender Countrywide Financial Corp. later this year, reported earnings of $1.21 billion, or 23 cents per share, on $17 billion in revenue. That compared with net income of $5.26 billion, or $1.16 a share, a year earlier on $18.16 billion in revenue. Analysts on average expected a profit of 41 cents per share on revenue of $16.5 billion, according to Thomson Financial. It could a very long week on the stock market if they are all like this. |
About this blog
As the U.S. economy struggles to find its footing -- and experts debate daily whether or not we are in a recession, heading toward a recession or neither -- business editor Chris Winston writes this blog to provide local, state and national information to help you make heads or tails of the headlines. .....Advertisement.....
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