Obviously, the biggest banking news in Charlotte is the release of Bank of America's third quarter earnings. The top-line figure: BofA posted a $5.9 billion profit after preferred stock dividends, reversing a $9.1 billion loss from last quarter.
But once you get behind that number, things get murkier. The bank recorded more than $10 billion in one-time gains, along with $5.5 billion in one-time losses. At noon, the stock was up more than 7 percent at $6.46.
Here's what a few other news outlets have to say at midday:
- The Wall Street Journal's Deal Journal blog calls the earnings "very messy."
- Bloomberg quotes an analyst who said the market is responding to a significant jump in revenue (unlike Wells Fargo), though noting it takes a lot of digging to get a view of the "health of the business."
- Reuters quotes analysts who question the bank's core earnings.
- MSN Money has a post from InvestorPlace.com that says BofA's earnings "aren't real." It goes further in depth on some of the one-time gains.