a 77% tumble for B of A

evince

evince

Truthmatters
http://articles.moneycentral.msn.com/Investing/Dispatch/080421markets.aspx


The bank reports a 77% drop in profit and misses Wall Street's estimate. National City is reportedly close to getting a cash injection. Oil continues to soar. Eli Lilly and Merck report higher earnings.

Latest Market Update
April 18, 2008 -- 16:25 ET
[BRIEFING.COM] Friday's trading concluded with hefty gains for investors. The stock market finished the session 1.8% higher, which positioned it to end the week 4.3% higher.

MoreBy Charley Blaine and Elizabeth Strott
The subprime mess took its toll on Bank of America (BAC, news, msgs) in the first quarter.

The bank this morning reported a 77% drop in profit for the first quarter, with BofA earning $1.21 billion, or 23 cents per share -- down from the $5.26 billion, or $1.16 per share, the banking giant reported in the first quarter of 2007. Analysts were expecting earnings of 41 cents per share.
 
what a moron, it makes a point if he would have posted IBM's or googles great numbers to balance it. But hey, he's got a GED and a bookmark for moveon.moron.
 
Desh said:
http://articles.moneycentral.msn.com/Investing/Dispatch/080421markets.aspx


The bank reports a 77% drop in profit and misses Wall Street's estimate. National City is reportedly close to getting a cash injection. Oil continues to soar. Eli Lilly and Merck report higher earnings.

Latest Market Update
April 18, 2008 -- 16:25 ET
[BRIEFING.COM] Friday's trading concluded with hefty gains for investors. The stock market finished the session 1.8% higher, which positioned it to end the week 4.3% higher.

MoreBy Charley Blaine and Elizabeth Strott
The subprime mess took its toll on Bank of America (BAC, news, msgs) in the first quarter.

The bank this morning reported a 77% drop in profit for the first quarter, with BofA earning $1.21 billion, or 23 cents per share -- down from the $5.26 billion, or $1.16 per share, the banking giant reported in the first quarter of 2007. Analysts were expecting earnings of 41 cents per share.
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i wonder why analysts missed their projected profits by so much? That is a HUGE miss imo....Could it be that the amount of suprimes that these banks own is invisible somehow? Hidden in the figures, so a good analysis may not show them....??? i mean, bear sterns called the fed for help on a sunday and the bailout was worked by monday night....that wasn't much notice on bears and sterns going belly up, was it?

i am clueless on this crap, but so help me goodness, i am TRYING to understand the details....you know, where the Devil is....but i still am lost....

care
 
It was a huge miss. I cant help but think they new better and just wanted to keep the stock up for a day or two before so that someone could sell stock right before they announced the losses.

The pain is far from over in this market.
 
Also if people start spending smart and less wastefully the banks will suffer.

Our current economy is built on excessife spending and massive credit.
Like a dandelion seed pod it can blow away very fast.
 
Ohh just a little readjustment Desh.

Finiancial "Experts" do not seem know their ass from a hole in the ground.
 
Desh said:
It was a huge miss. I cant help but think they new better and just wanted to keep the stock up for a day or two before so that someone could sell stock right before they announced the losses.

The pain is far from over in this market.
Click to expand...

For that miss, the stock is only down 2.5% today. Which is minimal. Most of the downside was already priced in. Keep in mind... despite the drop in earnings year-over-year.... they still had positive earnings. The write down of debt offset many of the gains they had elsewhere.

Side note #1.... the stock is actually still UP from a few days ago.

Side note #2... while we are certainly going to continue to see negative news for the next few months.... the market appears to have priced the bulk of the negative news in. Which is why it broke its technicals on Friday to the upside.
 
uscitizen said:
Where are the stocks from say 6 months ago ?
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Obviously the answer to that depends on if you are talking the market in general or if you want to discuss a specific sector. Some stocks are up over 50%, others have gone bankrupt.

Broadly speaking the Wilshire is down about 11.5% from its October peak.
 
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