Updated from 8:34 a.m. EDT(At 4:11 p.m. EDT)
IBM, which usually dazzles investors with its earnings report, was trading down 3.1% in late trading on the revenue miss. Meanwhile, Texas Instruments ( TXN) shares traded higher by more than 4% in the after-hours session. The chipmaker reported first-quarter earnings of 7 cents a share, excluding items, compared with the Thomson Reuters average estimate for a loss of 3 cents a share. Revenue of $2.09 billion was also better than analysts expected.
Of course, all three banks have rallied strong since the beginning of March. BofA shares have jumped 99% from the end of February, so giving back 8% isn't the end of the world. Several other companies that reported quarterly earnings early Monday also topped profit expectations. Eaton ( ETN), Eli Lilly ( LLY), Halliburton ( HAL), Hasbro ( HAS) and PepsiCo ( PEP) all exceeded earnings per share targets. However, all of those names (with the exception of Eli Lilly) were trading lower in premarket trading. Things will get even crazier after the close of trading Monday, when Dow component IBM ( IBM), Texas Instruments ( TXN), Boston Scientific ( BSX), and many others will post their respective results.