This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Bank of America Profit Beats Estimates: Hot Trends

NEW YORK ( TheStreet) -- Popular searches on the Internet include Bank of America (BAC - Get Report) after the company reported third-quarter profit that beat expectations.

The bank reported profit of $340 million for the quarter, or breakeven on a per-share basis, on revenue of $22.5 billion. Analysts had expected the bank to report a net loss of $94 million, or 7 cents a share, on revenue of $21.9 billion.

While a $1.6 billion litigation expense weighed on the results this quarter, the bank attributed its higher-than-expected results to income from mortgage lending, trading and investment banking.

Last year, Bank of America launched a cost-cutting program that included the elimination of 30,000 jobs. The program's goal is to save the bank $8 billion in annual expenses.

A123 Systems (AONE) is trending after the electric car-battery manufacturer filed for Chapter 11 bankruptcy protection on Tuesday.

The company failed to make a debt payment earlier this week, after losing $83 million in the second quarter.

China-based Wanxiang Group had agreed to invest up to $465 million in A123 in exchange for 80% of the company. A123, reportedly under pressure from federal lawmakers about U.S. technology leaving the country to go to foreign competitors, backed out of the deal on Tuesday.

The company is selling $125 million of its auto assets to Johnson Controls (JCI - Get Report), which will provide financing to the company in bankruptcy. It will receive all of A123's automotive assets and will take over its factories in Michigan and China.

A123 Systems received $249 million in federal grants as part of the government's stimulus bill in August 2009. President Obama's administration has backed A123 and other alternative energy companies in its support of electric cars.

A123 didn't turn a profit in its 11-year history.

Bank of New York Mellon (BK - Get Report) is another popular search. The bank reported third-quarter results that beat expectations.

The bank reported third-quarter earnings that climbed 11%. It also reported net income of $720 million, or 61 cents a share, beating expectations of a profit of 54 cents a share. Total revenue for the third quarter was $3.68 billion, beating estimates of $3.6 billion.
1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
BK $40.24 -0.57%
BAC $14.56 -1.56%
JCI $41.40 -1.24%
AAPL $93.74 -1.15%
FB $117.58 0.73%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs