Stock is trading higher in A.H.
Comments »Microsoft Beats by a Penny While Missing Slightly on Revenues
IBM Beats on Profits, but Misses on Revenues
Google Misses Earnings
BAC posts profit…with one time line items
Comments »NEW YORK (AP) – Bank of America says it made $2 billion in the last three months of 2011 from selling its stake in a Chinese bank and selling debt. That offset losses and higher legal expenses in its mortgage business.
The bank said Thursday that it earned 15 cents per share, falling short of the 22 cents a share expected by analysts surveyed by data provider FactSet. In the same quarter last year, the bank lost $1.2 billion.
The bank is selling parts of the business that don’t fit into its basic banking model. For the year, the bank made $1.4 billion, compared with a loss of $2.2 billion in 2010.
Bank of America shares are up almost 4 percent to $7.05 in pre-market trading.
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Preview: Bank Earnings on Deck
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Monsanto Earnings Beat Estimates
Cheap natural gas to bolster U.S. chemical companies
Comments »NEW YORK (AP) — U.S. chemical companies that use natural gas as a feedstock have an advantage over European rivals that rely on more expensive crude, a Citi analyst said Wednesday.
Analyst P.J. Juvekar noted that with natural gas prices expected to average around $3.85 per 1,000 cubic feet this year, it will still be a cheaper feedstock than crude oil.
Juvekar also upgraded chemical maker Cytec Industries Inc. and nitrogen producer CF Industries Holdings Inc. to “Buy” from “Neutral” for individual reasons. Juvekar also downgraded phosphates and potash producer Mosaic Co. to “Neutral” from “Buy.”
Cytec was upgraded because of its ability to make carbon fiber, which is becoming a bigger component of new aircraft models like the Boeing 787. Juvekar also favored CF Industries over Mosaic, noting that makers of nitrogen-based fertilizers will fare better than others as fertilizer demand falls after the North American harvest. Juvekar noted that farmers must apply nitrogen-based fertilizers every year, while they can skip applying other fertilizers made from phosphates or potash.
In morning trading, CF Industries shares rose by $3.20, or 2 percent, to $157.01 while Cytec Industries shares added $1.07, or 2.4 percent, to $47.02. Mosaic shares fell by $1.19, or 2.3 percent, to $51.40.
