Why Bank of America Stock Is Under Pressure Today
Bank of America(BAC) The Motley Fool·2024-04-16 17:29The quarter was solid, but charge-offs caught investors off guard.Bank of America (BAC -3.06%) beat on the top and bottom lines, but investors are more focused on elevated expenses and charge-offs of bad loans that exceeded expectations. Shares are trading off slightly, down about 3% as of 12:30 p.m. ET.Credit cards felt a pinchBank of America earned $0.83 per share in the first quarter on sales of $25.82 billion, surpassing the Wall Street consensus estimate for a $0.77 per share profit on sales of $25.46 ...