Bank of America EPS Misses Consensus Of $0.26, Comes At $0.17, Despite Credit Loss Provisions Plunging 72%

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Fri, 04/15/2011 - 07:22 | 1171701 westboundnup
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I thought BOA was DOA?

Fri, 04/15/2011 - 07:23 | 1171707 Boilermaker
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futures went down a fraction of a percent momentarily...then rebounded.

Fri, 04/15/2011 - 07:22 | 1171709 AN0NYM0US
AN0NYM0US's picture

a holes on Bloomberg Radio,  they always talk estimates when there is a meet or beat but just now reported that BofA had its first profitable quarter in three  neglecting to mention the miss

Fri, 04/15/2011 - 07:22 | 1171710 The Axe
The Axe's picture

stock will probably go up....ha ha    its crazy...

Fri, 04/15/2011 - 07:23 | 1171713 Quinvarius
Quinvarius's picture

BOA needs to hire JPM's accountants.

Fri, 04/15/2011 - 07:25 | 1171718 Savonarola
Savonarola's picture

Goldilocks... King Dollar... Free Market Capitalism... Nothing seems to work Larry. 

 

Fri, 04/15/2011 - 07:29 | 1171723 pendragon
pendragon's picture

Brian Moynihan's lips are moving so he must be lying

Fri, 04/15/2011 - 07:30 | 1171724 Urban Redneck
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"Paging Dr. FASB, the efficacy of the drug is failing and the patient is going into EPS shock."

Fri, 04/15/2011 - 07:40 | 1171733 The Axe
The Axe's picture

Its all GOOD news.....Only the raping skillsof Merrill Lynch Pierce Smith traders keep this POS alive....

Fri, 04/15/2011 - 07:52 | 1171749 Dick Darlington
Dick Darlington's picture

Bank of Scamerica, why don't You just default. The world would be a bit better place if u were gone.

Fri, 04/15/2011 - 07:52 | 1171751 I am more equal...
I am more equal than others's picture

liar, liar, pants on fire.....

Whomever is doing credit analysis and reducing the provisions for credit loss is an idiot.  Probable changes in interest rates alone will wipe out those slightly better than marginal CRE loans who've endured thus far.  That ticking you hear is the time debt bomb.

Fri, 04/15/2011 - 08:05 | 1171780 drswhaley
drswhaley's picture

48 page slide deck to explain your earnings - the length of the letter from the CEO in the annual report has been found to correlate with the health of the company - if it gets longer things are bad.  I would say this along with the CFO being "promoted" to vice chairman after he was not consulted/aware of the fact that BofA would not be able to raise their dividend per their master, the federal government.

I think that BofA would like to think of theselves as being able to cross sell all their different products as a value add for their customer - I think they are trying to get more people on the hook before they break-up this train wreck into individual parts.

If you look at Moynihan prior to and after his ascension to CEO, he does not look healthy and that is related to what the captain is hearing about the condition of his ship.

Fri, 04/15/2011 - 08:28 | 1171817 Seasmoke
Seasmoke's picture

i wonder how Ken Lewis is doing .......hopefully not well

Fri, 04/15/2011 - 08:33 | 1171829 Seasmoke
Seasmoke's picture

all time lows on CC delinquent payments ......i still have a hard time getting my head around that people are paying the CC and not the mortgage......when TSHTF there is no way people are going to pay those CC bills

Fri, 04/15/2011 - 09:37 | 1172064 Racer
Racer's picture

Ah look they fiddled the figures, means they are a buy and the market likes con games

Fri, 04/15/2011 - 10:09 | 1172206 r101958
r101958's picture

One of the biggest banks in America doesn't meet expectations..........and the market is up. Naaaah, there is no intervention going on.

Fri, 04/15/2011 - 10:08 | 1172213 BKGuy
BKGuy's picture

People pay the CC's for two main reasons:

1. They can re-access the credit line later on and don't want to be cut off.

2. BAC's not going to foreclose for a couple years if you stop making payments, so who cares?

Fri, 04/15/2011 - 10:19 | 1172244 eureka
eureka's picture

The convenience of denial; U.S. citizens continue

depositing dollars into BAC, thus supporting TBTF

and, thank the devil, U.S. empire.

 

Sat, 04/16/2011 - 19:52 | 1176720 Eyes on the World
Eyes on the World's picture

If anyone is still reading this post, I've written a piece over at my blog on this very topic whilst including a link back here.  I'm a newbie in the whole game and a new writer that's attempting to put down in words with humor what the hell is going on in a manner and language "regular folks" can understand.  I would appreciate any reads on it and my blog in general - not trying to promote, just looking for opinions.  Thanks, EOTW

 

http://lunchtime-leftovers.blogspot.com/2011/04/bof-fist-quarter-earning...

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