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U.S. Morning Call: BofA posts break-even earnings in Q3

Wednesday, October 17, 2012 - 03:23

Oct 17 - Bank of America reported a low $340 million third-quarter profit as a legal settlement and other previously disclosed charges dented its bottom line.

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A bunch of heavyweights reporting results today will take you right to those numbers. Let's get morning call for Wednesday. Bank of America shares -- and trading and premarket rising one half percent despite the results. -- -- 340. Million dollar third quarter profit. As a settlement and other previously disclosed charges -- its bottom line. Charges at 2.4 billion dollar settlement claims. And information from shareholders. When it bought Maryland and the financial crisis the bank denied the allegations. Now back to city in case you're wondering why CEO Vikram Pandit stepped outside suddenly we've got the skinny. Sources tell Reuters at -- meeting about quarterly results Monday night -- tensions between chairman Michael O'Neal and and erupted. -- criticize and for being too detached. From the bank's stated operations and told to get more involved. It who had been thinking of leaving for some time resigned right there and O'Neal did nothing to stop them. A Citigroup spokeswoman declined to comment on account of friction with the board. We'll have more on this story as the day goes by for -- shares at Sydney trading slightly lower in the premarket. Two tech bellwethers eking out earnings -- first Intel which beat analysts' estimates for the ninth straight quarter. But to inspire hopes for recovery in the PC game. Shares sliding about 2% today as the chipmaker to -- weak outlook for fourth quarter revenue and margins. One tech giant that widely abandon the PC business IBM barely beating earnings estimates by one cent. Customers -- spending on big ticket items and a strong dollar hit the company's top line shares of IBM down 4% in the premarket. -- stocks to watch black rocks -- quarter profit rise 8%. When it reported results earlier today investors poured tons of money into it iShares ETS. Bank of New York Mellon shares being a bump this morning third quarter earnings rose 11%. Defying estimates. Rising fees from investment services pushing profits at the bank. Pepsi posting lower quarterly earnings today strong US dollar per revenue at the company. Also keep an -- -- you an American Express they report earnings after the now. Before we thought we -- turn her attention to a 2.3 billion dollar deal. Yes and now the company's top chip equipment maker. Buying US group -- the merger will speed the development of in each manufacturing technology. Yes now. And finally stock futures this morning signaling a mixed open a day after the S&P 500 rallied on solid earnings data. Speaking of data at 8:30 am will check and help the housing market. I -- are looking for a modest improvements in its new residential construction. With housing starts up from 750000. To 760000. That's different this Wednesday morning call can't get enough of us that follow us on Twitter at Reuters Insider and check out our -- YouTube channel at Reuters dot com slash Reuters TV. I'm Lisa -- this is Reuters.

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U.S. Morning Call: BofA posts break-even earnings in Q3

Wednesday, October 17, 2012 - 03:23