Instant view: Bank of America posts $5.9 billion profit
(Reuters) - Bank of America Corp, the largest U.S. bank by assets, reported a $5.9 billion third-quarter profit after selling shares of China Construction Bank and recording two accounting gains.
Below are some comments from analysts and investors:
BILL HASSIEPEN, VICE PRESIDENT AND SENIOR ANALYST AT EGAN-JONES RATINGS, HAVERFORD PA:
"We're still going through the numbers, but it looks like the same story as Citi and JPMorgan-- profitability is heavily dependent on credit value adjustments and debit value adjustments, while the core earnings appear very suspect. I'm not very pleased with the results."
MATT MCCORMICK, PORTFOLIO MANAGER WITH BAHL & GAYNOR INVESTMENT COUNSEL, INC, CINCINNATI:
"The headline numbers are dramatically different than reality. I think it would have been flat at best without the adjustments. Revenue was particularly weak."
"I think there's a tremendous value opportunity in Bank of America shares, but it's only for people with strong stomachs. I don't have a strong stomach so I'm not going to buy it."
(Reporting by Lauren LaCapra in New York; compiled by Dan Wilchins)