Bank of America (BAC) reported earnings this morning of $0.29 per share which beat estimates of $0.26 and is up from last year's $0.03. Revenue came in at $21.49 billion beating estimates of $21.24 billion. The stock surged 3% in pre-market trading. Shares of B of A are up over 45% in the past 12 months.
Apple (AAPL) shares also moved higher in the pre-market. CEO Tim Cook said the company plans to broaden Apple's alliance with China Mobile (CHL). The iPhone is already a big hit in China with sales set to hit record highs. China Mobile said that pre-orders of the iPhone have reached about 1 million units as sales are set to begin on Friday. Apple reached a distribution deal with China Mobile last month that will bring the iPhone to the world's largest cell phone company by users. Both companies have gone in opposite directions in the past year with Apple up more than 12% and China Mobile down close to 12%.
General Motors (GM) was down more than 1% in pre-market after the company issued lackluster guidance for 2014. GM said it sees modest improvement in its financial performance this year. The auto giant also announced late yesterday that it will start paying a dividend to its shareholders for the first time since May 2008. GM will pay a quarterly dividend of 30-cents a share on its common stock, starting March 28th, to shareholders on record as of March 18th.
And Tesla (TSLA) surged in early trading after the company revealed it sold 6,900 Model S sedans last quarter. The company also increased its fourth quarter guidance by 20%.
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