Bank Of America Shares Rise After Better-than-expected Results

Bank of America shares rose 1% in premarket trade Wednesday, after the company reported better-than-expected third-quarter results. Bank of America said it had net income of $168 million for the quarter, but a loss of 1 cent a share after deducting dividends. The number reflects a previously announced pretax charge of $5.3 billion for the settlement with the Department of Justice and several other government agencies, which impacted earnings by 43 cents a share, the bank said in a statement. For the year-earlier period, the bank had net income of $2.497 billion, or 20 cents a share. The FactSet consensus was for a loss of 9 cents a share. Revenues edged down to $21.434 billion from $21.743 billion, but were above the FactSet consensus of $21.34 billion. Shares have gained 6% in the year-to-date, while the S&P 500 has gained 1.59%.