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Bank of America: Friday's Headlines

Bank of America and General Electric reported earnings early Friday.



) -- Here are the top stock market headlines for the morning of Friday, April 16, 2010.

Friday's Earnings Roundup

  • Bank of America (BAC) - Get Bank of America Corp Report posted a first-quarter profit of $3.2 billion, or 28 cents a share, on revenue of $31.96 billion. Analysts were looking for earnings of 9 cents a share on $27.97 billion in revenue, according to Thomson Reuters. Bank of America's provision for credit losses for the quarter totaled $9.8 billion, down from $10.1 billion in the fourth quarter.
  • General Electric (GE) - Get General Electric Company Report reported a first-quarter adjusted profit of 21 cents a share, which was a nickel better than the Thomson Reuters average estimate. Revenue fell nearly 5% from a year ago to $36.6 billion, slightly below the consensus mark of $37.1 billion. GE Capital saw revenue fall 9% from a year ago to $13.2 billion. "Our 2010 framework remains achievable with potential for upside," said Chairman and CEO Jeff Immelt said. "We will have substantial cash available for allocation and we expect to grow earnings and dividends in 2011 and beyond."
  • Google (GOOG) - Get Alphabet Inc. Class C Report late Thursday reported a first-quarter profit of $6.76 a share, better than the Thomson Reuters average estimate of $6.60 a share. Revenue excluding traffic acquisition costs rose 24% from a year ago to $5.06 billion, also exceeding expectations. However, Google shares were losing ground in early trading, with the negative reaction attributed to Google's results falling short of "whisper" numbers.
  • Advanced Micro Devices (AMD) - Get Advanced Micro Devices, Inc. Report posted an adjusted first-quarter profit of 9 cents a share, which surprised analysts who were expecting a loss of 7 cents a share. Revenue rose 33.7% to $1.57 billion, ahead of the $1.54 billion consensus target. However, shares lost ground after the company said it expects second-quarter revenue to fall, citing seasonality.
  • Mattel (MAT) - Get Mattel, Inc. Report said it had first-quarter earnings of 10 cents a share, compared with estimates the toymaker would post a loss of 3 cents a share for the quarter. Sales rose 12% from a year ago to $880.1 million, also exceeding analysts' forecasts.
  • Gannett (GCI) - Get Gannett Co., Inc. Report notched a first-quarter adjusted profit of 50 cents a share, which was above the consensus target of 41 cents a share. Revenue slipped just over 4% to $1.32 billion, matching analysts' targets.

Friday's Early Headlines

  • Housing Starts, Building Permits Show Improvement -- U.S. housing starts unexpectedly rose in March, climbing to 626,000 from an upwardly revised 616,000 in February. Economists were looking for housing starts to come in at 610,000 last month. Building permits also showed strength, surging to 685,000 from 637,000 in March, above the 625,000 consensus.
  • Congress Votes to Restore Jobless Benefits -- Reuters reports that the House of Representatives voted 289-112 to restore lapsed jobless aid following Senate approval of the bill earlier in the day; President Obama then signed it into law.
  • Icahn Ups Hostile Bid for Lions Gate -- Lions Gate Entertainment (LGF) shares were on the rise after billionaire investor Carl Icahn raised his hostile bid for the company to $7 from $6 per share. Lions Gate said it will consult with its advisors on whether to recommend that shareholders accept the bid.
  • Peabody's Sweetened Bid Bring Macarthur to Negotiating Table -- Australia's Macarthur Coal agreed on Friday to talk to Peabody Energy (BTU) - Get Peabody Energy Corporation Report following its sweetened bid for the company. On Thursday, Peabody raised its offer to acquire Macarthur by 14% to 16 Australian dollars a share, or A$4.1 billion ($3.8 billion), topping a rival offer of A$14.50 from New Hope.
  • Volcano in Iceland Keeps Flights Grounded -- The volcano in Iceland will keep flights over England grounded until Saturday morning at the earliest, say British civil aviation authorities. The ash from the Eyjafjallajokull volcano has been spewing since Wednesday disrupting air traffic at some of the busiest airports including Heathrow in London. The ash can cause engine failure.
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-- Written by Robert Holmes in Boston


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