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Bank Of America disappoints

 April 22, 2008 12:42 AM
 


Earnings at Bank Of America (bac) were lower than expected but on the bright side the company said it plans no dividend cuts. A positive for investors who are looking at a 7% yield at this point, but the markets have heard this before .

Net Income fell 77%, the company set aside $6Billion for loan losses, but nonetheless still made $1.2Billion during the quarter. That amounts to $0.23/share on revenue of over $17Billion. While the profit numbers were lower than the Street expected, there is some good news in the fact that the company isn't heavy in the red like some of its larger banking rivals.

The Dow Jones, Nasdaq and the S&P both finished relatively flat, with the Nasdaq being the only major index on the positive side of the close. Money flowed into Technology somewhat as Traders are coming into the big names expecting blowout quarterly numbers on the back of Google's (goog) stellar quarter. Apple (aapl) was one of those names today, as the stock was set to multi-month highs of $168 (+4.5%) and reports quarterly earnings after the bell on Wednesday.

Disclosure: Author owns AAPL, GOOG

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