Bank Of America Q1 Results Tops Estimates

Bank of America Corp. (BAC) reported Friday that net income applicable to common shareholders for the fourth quarter plunged to $2.84 billion or $0.35 per share from $6.90 billion or $0.85 per share in the prior-year quarter. Excluding items, adjusted net income for the quarter was $0.70 per share.

Bank of America Corp. (BAC) reported Monday that net income applicable to common shareholders for the second quarter grew to $7.10 billion from last year's $5.93 billion, with earnings per share increasing to $0.88 from $0.73 in the prior year.

First Republic Bank, the latest casualty in the ongoing banking turmoil, said it has secured around $30 billion funding from America's 11 largest banks as a lifeline, including JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo. Following the news, the bank's stock, which has been sinking since last week, gained around 10% on Thursday from the previous day's close.

Bank of America Corp. (BAC) reported Monday that net profit for the third quarter decreased 8 percent from last year, hurt by provision for credit losses as well as lower fees and service charges. However, both earnings and revenues for the quarter topped analysts' estimates.

Ambac Financial Group (AMBC), a financial services holding company whose subsidiaries include Ambac Assurance Corp or AAC, announced Friday that AAC entered into an agreement to settle all of its claims against Bank of America (BAC) and related entities for $1.84 billion.

Bank of America Corp. (BAC) reported Monday that net income applicable to common shareholders for the second quarter declined to $5.93 billion from last year's $8.96 billion, with earnings per share decreasing to $0.73 from $1.03 in the prior year.

The Singapore stock market has moved higher in three straight sessions, gathering almost 25 points or 0.6 percent along the way. The Straits Times Index now rests just beneath the 3,315-point plateau and it's expected to extend its gains again on Tuesday. The global forecast for the Asian markets is cautiously optimistic, with strength likely from the technology shares. The European markets were up and the U.S. bourses were mixed and the Asian markets are tipped to open to the upside.

The Malaysia stock market has moved higher in three straight sessions, adding almost 25 points or 1.7 percent in that span. The Kuala Lumpur Composite Index now sits just above the 1,625-point plateau and it may add to its winnings again on Tuesday. The global forecast for the Asian markets is cautiously optimistic, with strength likely from the technology shares. The European markets were up and the U.S. bourses were mixed and the Asian markets are tipped to open to the upside. The KLCI finished modestly higher on Monday following gains from the financial shares, plantation stocks and telecoms. For the day, the index gained 10.88 points or 0.67 percent to finish at 1,627.50 after trading between 1,618.28 and 1,629.81. Among the actives, Axiata spiked 2.11 percent, while Celcomdigi soared 2.46 percent, CIMB Group gained 0.44 percent, Genting climbed 1.27 percent, Genting Malaysia improved 0.73 percent, IHH Healthcare increased 0.64 percent, Kuala Lumpur Kepong gathered 0.18 percent, Maxis accelerated 1.88 percent, Maybank collected 0.71 percent, MISC perked 0.12 percent, MRDIY tumbled 1.61 percent, Petronas Chemicals strengthened 1.29 percent, PPB Group rallied 1.32 percent, Press Metal surged 3.65 percent, QL Resources sank 0.30 percent, RHB Capital and Petronas Gas both added 0.55 percent, Sime Darby slumped 1.05 percent, Sime Darby Plantations rose 0.22 percent, Telekom Malaysia advanced 1.13 percent, Tenaga Nasional jumped 1.43 percent, YTL Corporation lost 0.26 percent and YTL Power, Public Bank, IOI Corporation and Hong Leong Bank were unchanged.