Shares of Bank of America Corp. (BAC) shot up 4.6% toward a 6-week high in premarket trade Wednesday, after the company beat earnings expectations ( ) and also snapped a streak of major banks missing revenue expectations. BofA reported fourth-quarter total revenue that rose to $22.74 billion from $20.44 billion, above the FactSet consensus of $22.35 billion. Earlier this week, Citigroup Inc. (C), J.P. Morgan Chase & Co. (JPM) and Wells Fargo & Co. (WFC) all missed revenue expectations, with J.P. Morgan going as far tobreak a streak of 12-straight beats ( ). For BofA, net interest income rose to $12.30 billion from $11.46 billion, topping the FactSet consensus of $12.20 billion, while noninterest income grew to $10.43 billion from $8.97 billion to beat expectations of $10.12 billion. For revenue, growth in consumer banking, global wealth and investment management and global banking offset a decline in global markets. The stock has lost 6.9% ove the past three months through Tuesday, while the SPDR Financial Select Sector ETF (XLF) has shed 7.0% and the Dow Jones Industrial Average has declined 6.7%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
January 16, 2019 07:26 ET (12:26 GMT)
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