Stocks to watch: Bank of America, Intel
The banking giant reports a profit, and the semiconductor company reports earnings above expectations.
Bank of America (BAC) reported net income of $2.46 billion, or 19 cents a share, in the second quarter, compared to a loss of $8.83 billion, or 90 cents a share, a year ago. Revenue in the quarter rose to $22.20 billion, from $13.48 billion a year ago. Analysts expected the Charlotte, N.C.-based banking giant to report a profit of 14 cents a share in the June-ended period on revenue of $22.87 billion.
BAC shares have ticked lower in pre-market trading at last check.
American Express (AXP), like Bank of America a component of the Dow Jones Industrial Average, is expected by analysts Wednesday to post profit of $1.09 a share in the second quarter on revenue of $8.09 billion, up from year-earlier earnings of $1.07 a share on revenue of $7.62 billion.
Intel (INTC), the world's biggest semiconductor company, delivered an above-consensus profit for the second quarter but tempered revenue expectations for the full year.
"As we enter the third quarter, our growth will be slower than we anticipated due to a more challenging macroeconomic environment," said Paul Otellini, the company's president and CEO, in a press release. "With a rich mix of Ultrabook and Intel-based tablet and phone introductions in the second half, combined with the long-term investments we're making in our product and manufacturing areas, we are well positioned for this year and beyond."
Yahoo (YHOO) posted quarterly earnings Tuesday that topped expectations, but revenue came in a bit light. New CEO Marissa Mayer wasn't on the Internet company's earnings conference call.
Credit Suisse (CS), the Swiss bank, raised 8.7 billion Swiss francs ($8.9 billion) to bolster its capital base. The bank also said second-quarter net profit rose 2.6% to 788 million francs from 768 million francs a year earlier.
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John Stumpf acknowledges that growth has been slow, but he says he's still optimistic.
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