BofA Leads Dow Average Lower as Profit Misses Estimates
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Bank of America Corp. led the Dow Jones Industrial Average lower today after shortfalls in mortgage banking and trading marred first-quarter results and slowed the company’s turnaround.
While net income quadrupled to $2.62 billion, or 20 cents a share, analysts surveyed by Bloomberg had predicted 23 cents a share, and adjusted revenue dropped 8.4 percent to $23.9 billion. Bank of America slid 4.7 percent to $11.70 at 4:15 p.m. in New York, its biggest drop since November, and fell as much as 6.8 percent during the session.