Bank of America Shows Improvement

Shares of Southwestern Energy (<a

The stock market is down this morning but that’s not a big surprise since Wall Street has rallied for six straight weeks.

In addition to the Oracle-Sun Micro news, Bank of America (BAC) posted good Q1 earnings. The bank earned $2.8 billion or 44 cents a share. Wall Street was expecting just four cents a share.

The results include BAC’s recent purchase of Merrill Lynch, which was a deal that got a lot of shareholders very angry. Merrill had huge losses and it was paying out big bonuses to top executives.

There have been many calls for Ken Lewis, the head of BAC, to resign. Today’s report could take some heat off him.

Overall, bank earnings are recovering thanks to more mortgage refinancing. Also, there are fewer mortgage brokers out there so that means less competition.

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