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This is David Imus in the morning -- Program on the Fox Business Network.
Morning everyone Bank of America says it earned a net profit of three cents a share in the first quarter -- excluding an accounting charge.
The bank earned 31 cents a share that was a big -- Over the estimate for -- profit of twelve cents revenue fell 17% from a year ago to 22 point 28 billion dollars that came in short.
Of the street's forecast for 22 point 51 billion but shares of -- they are still high here.
In the -- market right now meanwhile Morgan Stanley lost money during their first quarter because of an accounting charge.
But if you take that item at the bank reported an adjusted profit of 71 cents a share.
While analysts were expecting a profit of 44 cents adjusted revenue of eight point nine billion dollars also beat the street's forecast of seven point 31 billion.
And let's take a look at the markets now here in the US investors are watching a slew of earnings including the ones we just told you -- also awaiting the weekly jobless claims report which comes out at 8:30 eastern time.
First time claims are expected to be at 370000.
In -- -- that -- can -- US futures.
Are up across the board Dow futures are up by 3380 S and he's up by three in the nasdaq's up almost thirteen.
Over in Europe Spain sold 3.3 three billion dollars worth of bonds and that was just above the upper target range.
The ten year yield is five point 7% up from five point 3% in -- prior option.
And the yield on two year debt was 3.4 six down from the last auction stocks there are mixed.
-- -- -- change in direction we saw Green across the board until recently now Paris is down by twelve Frankfurt down by 24 London still holding on.
To Green territory up by 24 but let's take a closer look at what's moving those markets with markets dot com chief economist Phil who -- Over in London build -- Spanish government's auction went fairly well the ten year borrowing costs.
Still increase which shows investors are still concerned what can the government do to boost confidence.
Well I think it's time and it's a very difficult situation I think what I think you gotta look at especially as we see.
-- with the ECB statistics last week saying that basically.
All of the funding is -- -- -- with Spain or Portugal I think that's one of the things you probably saw today right -- wrong the Spanish banks probably bought a great deal of the auction as we saw with the French auction.
Three times oversubscribed out have to say the French banks did the same thing.
Hence the reason that that it equity markets very very concerned about the state of the banking industry quote in Europe and especially -- club med.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Is running out -- how do you see that scenario playing out.
Well I think this is the question.
That the ECB at the -- -- both the may meeting in the June meeting is.
Will they be the lender of last usual and this is the concern and we talk about this before.
You see everybody taking the LP all right then lending -- back to the ECB are using the money to buy local government debt and as I said earlier.
The market especially yesterday the Spanish market got clobbered again in most of it is the banking industry and albeit -- UK is doing slightly better we've seen again pressure under the banks.
What do they know.
What do they -- what Giuliani in most people feel says the wrong securities.
I -- bill moved our live from London thanks so much film.
And we're getting earnings in from -- Freeport -- That was short of the estimate for 86 cents revenue came in at four point 61 billion dollars that was -- beat the estimate was for four point 53 billion.
We also got earnings in from Union Pacific the rail companies reporting a profit of a dollar 79 cents a share.
That was topping the estimate for a dollar 63 cents revenue of five point eleven billion dollars also beat the estimate there was for four point 98 billion.
And Verizon says it earned 59 cents a share in the first quarter that they nearly 16% increase from a year ago and it's one cent above the street's forecast.
Revenue at the communications company rose nearly 5% from a year ago to 28 point 24 billion dollars just topping expectations there.
Verizon says it added more than 730000.
Retail wireless customers during the quarter and going forward rise in says it's on -- continue to deliver strong results.
Here's a look at commodities now oil and gold have been up this morning we're now seeing gold.
Has changed direction it's down by about five bucks at 1634 announced oil still up by thirteen cents at almost 103 a barrel.
Imus in the morning continues right now on Fox Business.
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