Bank of America earnings drop, but better than anticipated
Bank of America Inc. posted better than expected second quarter earnings on Friday. Bank of America said that it earned $3.2 billion, or 33 cents a share, compared to $3.4 billion, or 72 cents a share, in the year-ago period. Analysts polled by Thomson Reuters expected earnings of 28 cents and revenue of $33.1 billion. BofA shares rose 5 cents or 0.4 percent, to $13.22 in morning trading Friday.
Citigroup reports $4.3 billion profit
Citigroup Inc. reported a surprising $4.3 billion profit for the second quarter where many analysts were expecting the company to report a loss. The reported profit was driven by the sale of its Smith Barney division. Analysts forecast a loss of 37 cents per share for the quarter, according to Thomson Reuters. Revenues in the quarter were $30 billion. Last year, the company said it lost $2.5 billion, or 55 cents a share, same quarter.
US housing constructions surge in June
The number of new houses being constructed surged in June indicating that the economy is starting to show signs of recovery. The Commerce Department reported Friday that construction of new homes and apartments jumped 3.6 percent last month to a seasonally adjusted annual rate of 582,000 units, from an upwardly revised rate of 562,000 in May.