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.
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1 comments:
a company thats trying to unload its non-core assets and sell real estate to then rent back isnt the move a company making $5B from ongoing operations. of course, none of this will matter in the next class-warfare speech we hear from obama/durbin/pelosi/frank/dodd/sanders/schumer
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