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- Bank of America Posts Q3 Profit, Merrill Lynch Average Adviser Productivity Drops - 18 October 2012
- HP Results and Outlook Disappoint Investors - 4 October 2012
With earnings of $340 million in the third quarter of 2012, Bank of America made a narrow profit, beating Wall Steet analysts' predictions that the financial giant would post an 11 cent per share loss. Factors which dragged Bank of America's profits down included the $1.6 billion that went into settlements with shareholders who took the bank to task for misleading them with its 2008 purchase of Merrill Lynch, as well as an accounting rule that erodes bank profits when its corporate debt value rises, with the reasoning that the bank would have to pay more on the open market to buy that debt back. This rule cost Bank of America $1.9 billion for the quarter.
Wednesday on Wall Street saw the three major US stock indexes – the Dow Jones industrial average, Standard and Poor's 500 and Nasdaq composite – lift initially, buoyed up by stronger-than-expected data from ADP and the economy's service sector. But the significant gains were cut by sharp drops in Hewlett-Packard's shares following the report on company earnings and earnings outlook by CEO Meg Whitman, and Wall Street ended the day only modestly higher. Friday's employment numbers are the next big market mover investors will be waiting for, while the economic situation in Spain is also causing waves in global markets, with Wall Street not being immune to its effects.
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