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Bank of America Can't Bank on Earnings Gains

Shares of Bank of America (BAC) have reversed earlier gains and are lower on Monday, after the bank reported first-quarter earnings.  Bank of America earned 62 cents a share on revenue of $23.1 billion, while analysts were looking for EPS of 59 cents on revenue of $23.04 billion. After being up as much as 1% at $30.16 before the market opened, Bank of America shares are now down 0.8% to $29.56. The Financial Select Sector SPDR ETF (XLF) is 0.4% to $27.56. Credit Suisse's Susan Roth Katzke, who has long been bullish on big banks, reiterated an Outperform rating and $36 price target on Bank of America shares today, writing that the quarter was "solidly positive and supportive" of her optimism about the shares.