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 .
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.
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
) 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