Adjusted for one-time items, profit was 29 cents a share, beating the 20-cent estimate of 18 analysts surveyed by Bloomberg.
They missed big on Revenue which has everything to do with future earnings. What this means is that BAC will probably languish in a range until earnings next quarter and then they'll make about 30 cents, get permission for a buy back and increased divi and then this will pop. Until then, we'll be watching paint dry.
CNBC reported that BAC reported earlier that all the write-offs will be in this quarter report - even with the write-offs, it still beat both top and bottom lines - should be trading 12s...
When the big picture is seen as C and the rest report we will go up. I am watching CNBC also and heard about the write downs. These boys are sharp and compare the charge off rates to past quarters and before the recession. They get scared easy if they see a trend or have questions. The card debt has been a problem in the past. I feel the bottom line is good. These guys analyze the debt and put a lot of weight on microforensicaccounting.
I agree with you........ pre-market game here. It was announced several weeks ago that BAC would be taking the write-offs this earnings quarter. They beat the street estimates....... doesn't make sense.