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Market Update

Bank of America Net Swings to Profit, Delta Air Lines Net Soars


Author: Mukesh Buch
ticker.com
Last Update: 12:41 PM ET April 15 2015

12:30 PM New York Bank of America net swung to profit but revenues declined 6%. CSX net climbed 11% on flat revenues. Delta Air Lines net soared more than two-fold. Intel net rose 3% after flat revenues. PNC Financial net declined 6%. U.S. Bancorp profit rose 3%.

Tollbooth Index rose 0.1% or 14.31 to 10,684.56.

Earnings Review

Bank of America Corp (BAC) fell 9 cents to $15.73 after the financial services provider reported total revenues in the first-quarter ending in March declined 5.7% to $21.42 billion from a year ago period.

Net in the quarter swung to profit $2.98 billion or 27 cents per diluted share compared to a loss of $514 million or 5 cents from the same quarter last year.

Total client balances in the quarter jumped 5% to more than $2.5 trillion from the year-ago period.

Merrill Edge Brokerage Assets climbed 18% to $118 billion and global banking increased period-end loans by $6 billion to $296 billion.

The bank''s mortgage banking revenue soared 68.4% to $694 million and non-interest expenses in the quarter declined 29.4% to $15.7 billion while litigation expenses dropped to $370 million.

So far, the bank paid at least $70 billion to settle the legal issues related to the financial crisis.

CSX Corporation (CSX) slid 5 cents to $33.16 after the rail-based transportation service provider stated revenues in the first-quarter ending in March was nearly flat at $3.03 billion from a year ago period.

Net income in the quarter climbed 11% to $442 million or 45 cents per diluted share compared to $398 million or 40 cents from the same quarter last year.

Delta Air Lines, Inc (DAL) climbed 3.5% or $1.50 to $44.58 after the airline said total revenues in the first-quarter ending in March jumped 5% to $9.39 billion from a year ago period.

Net income in the quarter soared 250.2% to $746 million or 90 cents per diluted share compared to $213 million or 25 cents from the same quarter last year.

Intel Corporation (INTL) soared 4.4% or $1.36 to $32.85 after the chipmaker reported revenues in the first-quarter ending in March nearly flat at $12.8 billion from a year ago period.

Net income in the quarter rose 3% to $2 billion or 41 cents per diluted share compared to $1.9 billion or 38 cents from the same quarter last year.

Norfolk Southern Corp (NSC) gained 53 cents to $101.02 after the railroad logistic company forecasted revenues for the first-quarter ending in March of about $2.6 billion and earnings per share of about $1.

PNC Financial Services Group Inc (PNC) slipped 1.3% or $1.22 to $92.40 after the financial services provider said total revenues in the first-quarter ending in March fell 1% to $3.73 billion from a year ago period.

Net income in the quarter declined 5.8% to $926 million or $1.75 per diluted share compared to $983 million or $1.82 from the same quarter last year.

U.S. Bancorp (USB) rose 6 cents to $43.59 after the financial services provider said total net revenues in the first-quarter ending in March increased 1.9% to $4.91 billion from a year ago period.

Net income in the quarter rose 2.6% to $1.36 billion or 76 cents per diluted share compared to $1.33 billion or 73 cents from the same quarter last year.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc