Bank of America's stock surges after beating on revenue, while peers couldn't
Shares of Bank of America Corp. shot up 4.6% toward a 6-week high in premarket trade Wednesday, after the company beat earnings expectations and also snapped a streak of major banks missing revenue expectations. BofA reported fourth-quarter total revenue that rose to $22.74 billion from $20.44 billion, above the FactSet consensus of $22.35 billion. Earlier this week, Citigroup Inc. , J.P. Morgan Chase & Co. and Wells Fargo & Co. all missed revenue expectations, with J.P. Morgan going as far tobreak a streak of 12-straight beats. For BofA, net interest income rose to $12.30 billion from $11.46 billion, topping the FactSet consensus of $12.20 billion, while noninterest income grew to $10.43 billion from $8.97 billion to beat expectations of $10.12 billion. For revenue, growth in consumer banking, global wealth and investment management and global banking offset a decline in global markets. The stock has lost 6.9% ove the past three months through Tuesday, while the SPDR Financial Select Sector ETF has shed 7.0% and the Dow Jones Industrial Average has declined 6.7%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.