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Imus in the morning him.
On the -- the.
Good morning everyone here's -- Bank of America are climbing in the premarket on better than expected earnings reports the bank reported a profit of nineteen -- there.
And nickel better than the street's forecast that revenue -- -- one point 97 billion fell short of the estimate.
For 22 point 87 billion Bank of America says sales and trading revenue fell to 3.2 billion dollars compared to three point eight billion a year ago.
CEO Brian joining -- says lending to commercial businesses increased for the sixth straight quarter Honeywell says its quarterly profit rose nearly 12% from last year to a dollar fourteen cents a share topping expectations by three cents.
The company says John demand in the US for its aerospace equipment and specialty chemicals.
Offset weakness in Europe revenue rose 4% to nine point four billion dollars -- that came in just short of the estimate.
For nine point 56 billion.
The company raised the low end of its profit forecast by a nickel and now anticipates Y twelve earnings -- -- forty cents deport -- 55 a share.
Representing growth of 9% to 12% from 2011.
Estimate is for 449.
Let's take a look at markets now US futures up -- down across the board all morning renouncing -- -- down by thirty.
Over in -- Credit Suisse shares jumped more than 4% after the company boosted capital.
And announced -- higher cost cutting target also unemployment in the UK fell unexpectedly for the three months ending in May and stocks there are in the green.
London's up by about nine Paris is up by twice three and Frankfurt's up by thirteen.
Now let's -- The closer look at why we're seeing those green -- IG market sales trader we'll headed over in London well HSBC's chief compliance officer stepped down yesterday.
While they went before a senate committee to address allegations that the bank among other things allowed Mexican drug cartels and potential terrorist to launder money through its US operations.
How do you think this whole case will affect not only the bank itself but the industry at a time when it's sort of under -- general.
Yes -- good morning guys I mean it's not exactly another another -- -- in the in the banking.
History do you carry him mean.
We've you mentioned -- -- peak a couple of weeks I think this is gonna be interesting to see whether we see this investigation now push on to other launches of the bank and other areas other areas of the world in fact you know.
How we see this is -- -- to US based.
Kind of focus they've all the all we can -- the investigations in the London area and perhaps some of their folly snares and is is gonna push on to other banks are going to be thinking -- -- As for a bank the size of patients BC might have been a little bit lax with me that what I think this is -- the -- -- more -- amount of people out there he.
Who's sitting on slightly nervous -- kind of customers as well so I think it's going to be more focused on banks perhaps more regulation.
More out pushing for politicians.
I'm more colorful times -- for shelves.
And obviously it's also big time for earnings right now and analysts are cutting European profit forecast at the fastest rate since they did in 2009.
I wonder what this says for the likelihood of a recession then what the region would have to due to the way -- Yeah I mean I think little bit at this might -- analysts' comments -- just hedging their bets in a bit perhaps mocking never that cools down a bit low in.
In -- -- they deed we knew we DC perhaps that if ten years sentinel perhaps a slightly stronger states a bit of a pickup in Germany which has been little bit of Hawaii over the last few weeks with.
With some of the states we've seen out that such they may be some of that elect.
Why do you think the the young who kind of -- -- feeding still feels like we're heading into one -- we haven't really left when -- the last few years and that's going to be award for lot of investors.
So maybe some on their promise things so there could be some over delivering coming our way we'll -- well thank them -- -- -- yeah.
Banks will head and that -- head and from London over there meanwhile the CEO of the collapsed brokerage firm peregrine financial group will go before a judge in Iowa today for initial proceedings.
In his fraud trial.
Fox business's Jeff Flock is in Cedar Rapids, Iowa outside the court with more on that and depth look and we expect from these initial proceedings today.
Well we're gonna get a bond hearing for Russell Watson door today perhaps you see the up somewhat unimpressive US courthouse here in Cedar Rapids, Iowa -- Watson -- A sort of has a tinge of the Bernie Madoff case illness although in this case mr.
-- -- accused of making off with a little bit less than the -- Madoff case what he spend it on.
Well according to our partners at the Wall Street Journal he has spent it on a big corporate headquarters at fifteen million dollar corporate headquarters and also increasing capital requirements.
Because he said regulators made him do it we talked to us securities lawyer about that.
Double or of the regulators made me do it defense and he said.
The real question here is a corporate culture.
We'll hear from him in the next hour.
Rust -- -- as we said will be here -- and at 3:30.
Eastern time we'll find out if he winds up.
Staying in at the federal lockup or whether he gets bail and walks out.
All right thanks -- that Jeff and now here's -- live on Fox Business.
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