Thursday's Earnings Roundup: BAC, MS, DD, TRV, DHR, VZ, EMC, NOK

NEW YORK ( TheStreet) -- Bank of America ( BAC) posted first-quarter earnings Thursday morning that beat analysts' estimates as did Morgan Stanley ( MS).

The two banks were among the following companies reporting earnings Thursday: DuPont ( DD), Travelers ( TRV), Danaher ( DHR), Verizon ( VZ), EMC ( EMC) and Nokia ( NOK).

Bank of America

The bank reported first-quarter earnings of 3 cents a share on $22.5 billion in revenue. On a valuation-adjusted basis, earnings came in at 28 cents a share, topping analysts' estimates of 12 cents a share on $22.51 billion in revenue.

"The narrowing of our credit spreads reflects the significant progress we've made to strengthen the balance sheet," Chief Financial Officer Bruce Thompson said in a statement. "During the quarter, we increased our Tier 1 common equity ratio by 92 basis points from the prior quarter, improved our liquidity to record levels and continued to reduce risk-weighted assets. While the improvement in our credit spreads results in a negative adjustment to earnings this quarter, it should not overshadow the positive momentum that we are seeing in our businesses."

Shares of Bank of America rose 2.8% in premarket trading Thursday to $9.17. TheStreet Ratings gives Bank of America a C- grade and hold rating.

Content on this page requires a newer version of Adobe Flash Player.

Get Adobe Flash player

If you liked this article you might like

Bank Stocks Move Higher as Fed Decides to Start Unwinding Balance Sheet

How to Invest Like Billionaire Warren Buffett

How to Make a Deal Like Billionaire Investor Warren Buffett

Here's How to Invest Like a Billionaire

How to Live Just Like Billionaire Warren Buffett