The Dow Jones Industrial Average was declining 74.32 points midday Friday to 12,912.26. Leading the Dow lower were Bank of America (BAC - Get Report), JPMorgan Chase (JPM - Get Report) and General Electric (GE - Get Report).
Shares of JPMorgan fell 2.1% to $43.90. The bank reported Friday first-quarter earnings of $5.38 billion, or $1.31 a share, down from year-earlier earnings of $5.55 billion. Analysts, on average, were expecting profit of $1.18 a share.
Power profit in the first quarter were strong investment banking results and an improvement in mortgage banking revenue.TheStreet Ratings gives JPMorgan a B+ grade with a buy rating and $51.21 price target. Shares of Bank of America lost 3.49% to $8.85. The bank is being sued for charging customers who can't qualify for or don't want payment protection programs, according to The Associated Press. Bank of America is among seven banks or credit card companies that are being sued. Bank of America is scheduled to report first-quarter results on April 19. Analysts, on average, expect earnings of 12 cents a share on revenue of $22.51 billion. TheStreet Ratings gives Bank of America a C- grade and hold rating. General Electric shares declined 1.5% to $19.01 midday Friday. The multinational company is slated to report its first-quarter results on April 20. Analysts, on average, anticipate earnings of 33 cents a share on revenue of $34.66 billion. TheStreet Ratings gives General Electric a B grade with a buy rating and $22.51 price target. -- Written by Alexandra Zendrian
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