Bank of America Shares Fell on Mixed Third Quarter Earnings

After reporting mixed third quarter results, Bank of America stock sank on Wednesday making it TheStreet's Move of the Day. The bank reported third quarter earnings loss of 1 cent a share, compared to 20 cents a share from a year ago, but better than the loss of 9 cents a share analysts had expected. Revenue for the quarter was $21.21 billion, lower than the $21.53 billion from the same quarter of last year, and missed the consensus estimate of $21.36 billion. Bank of America was expected to report a loss for the period largely due to its $17 billion legal settlement from the financial crisis. The charges concerned subprime lending by Merrill Lynch and Countrywide, both of which it acquired.