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U.S. Morning Call: BofA misses but still quadruples profits

Wednesday, April 17, 2013 - 03:21

Apr 17 - Bank of America's first-quarter profit quadrupled as expenses fell and it set aside less money to cover bad loans.

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Good morning Wednesday let's begin with a price check for gold we're seeing yesterday's rebound continuing into today spot gold up 1% trading around thirteen 84 now. It's another big day for earnings Bank of America reporting just minutes ago missing earnings estimate by two cents. First quarter profit quadrupled as the bank had to set aside less money to cover bad loans than last year. Shares down 2% in the premarket I have more than doubled in value from a year ago. And reporting after the bell American Express which has seen a slowdown is businesses cut back on expense accounts. The company is now looking to expand its presence in the credit card market by targeting lower income groups. And ex also recently upped its dividend by 15% and announced a four billion dollar buyback following the Fed stress test. Expectations are high earnings today after the company released ambitious revenue forecast and an analyst and last month. BE commerce giant has evolved beyond options -- sales to compete more directly with Amazon through with marketplace business. But his biggest money makers still PayPal which accounts for 40% of revenue. EBay has been trying to expand that business last corner teamed up with discover to allow shoppers at the register to tap into their PayPal accounts. We'll hear how successful that venture has been compared to competitors like square. -- EPA had soared 36%. Since last year. Hasn't. 100 dollars a barrel. Where is that there's not enough production happening in China and the US and therefore not enough demand for oil is causing the latest drop in prices. Let's take a look at some stocks to watch Microsoft and Foxconn parent -- -- signing a deal to license patents for phones tablets and TV is. Resulting in big -- payments for Microsoft. The agreement will protect time -- clients including apple Amazon and almost every big electronics company you can think of from patent claims involving their use of Google's Android and chrome operating systems. Companies like HT CLG have already cut a deal with mr. -- over the technology. But not Google owned Motorola they're still continuing to buy -- range of patent issues with Microsoft in courts. Yahoo! also in the news this morning with -- both Jefferies and Raymond James raising their price targets on the stock. The company did post a 36% jump in profit mostly from its stake in Alibaba. But revenue remained weak in the first quarter declining traffic and slumping display ad sales to blame. Switching gears to a Reuters exclusive. Private equity moguls Steven Feinberg made -- for the bushmaster rifle maker that his firm Cerberus Capital Management so famously put up for sale. After one of his guns was used in the Connecticut school shooting. Servers is still under pressure from the public as well as investors to sell freedom group following the massacre that took place in December in Newtown Connecticut. That's if -- Wednesday morning call remembered follow us on Twitter at Reuters Insider and get -- great videos at Reuters dot com slash latest movie. I'm Lisa Bernhard this is.

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U.S. Morning Call: BofA misses but still quadruples profits

Wednesday, April 17, 2013 - 03:21