Bank Of America Pushing Stocks Modestly Higher - U.S. Commentary

- Following the release of better than expected results from Bank of America (BAC), stocks are posting modest gains in morning trading on Monday. With the results, investors are hoping that the worst of the credit crisis has passed. Before the start of trading, Bank of America (BAC) reported a smaller than expected drop in second-quarter net income to $3.41 billion, down from $5.76 billion last year. Earnings available to common shareholders totaled $3.22 billion. While earnings per share plunged 44 percent to $0.72 from $1.28 in the prior year, the results topped analyst forecasts. Adding to the positive sentiment, Swiss company Roche Holding AG announced that it has offered to buy the remaining stake in U.S.-based biotechnology company Genentech Inc. (DNA) for $89.00 per share in cash, for a total of about $43.7 billion.... [read full story]