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The Dow Jones Industrial Average
Bank of America DisappointsBank of America reported a first-quarter profit of $2.6 billion, or 20 cents a share, increasing from $732 million, or 3 cents a share in the fourth quarter, and $653 million, or 3 cents a share, in the first quarter of 2012. Pretax results for the fourth quarter had been lowered by $2.5 billion in costs for independent foreclosure reviews, and $2.7 billion in charges related to the company's $10.3 billion settlement of a long-term dispute with Fannie Mae (FNMA), over mortgage repurchase claims. The first-quarter results disappointed investors, coming in below the consensus analyst estimate of a 22 cents a share. Bank of America's first-quarter revenue totaled $23.7 billion, increasing from $22.5 billion a year earlier, and coming in ahead of the consensus estimate of $23.41 billion.
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