Bank of America Corp. (NYSE:BAC) is
scheduled to report its third-quarter earnings on Friday.
Bank of America is expected to lose 6
cents a share, according to a Thomson Reuters poll. That estimate might be a bit conservative as BofA is treading into uncertain waters. Earnings may be impacted by the following:
- its credit card business and the rising rate of unemployment
- the resignation of Ken Lewis
- asset sales
- TARP repayment
- commercial real estate losses
- revenues from Merrill as legal troubles over the
acquisition continue to mount
Meredith Whitney mostly agrees with the Thomson Reuters poll and expects the bank to deliver a 5 cent loss per share, according to the Pioneer Press. But Deutsche Bank AG's (NYSE:DB) Matt O'Connor expects Bank of America to lose 42 cents a
share due primarily to credit card losses, according to The Wall Street Journal. The bank should have around $13.4 billion in loan loss provisions this quarter, he said.
Revenues should be around $27 billion to $28.05 billion, according to Istockanalyst, which would be a "43% increase in revenues from last year's $19.62 billion in the same period." - Maria Woehr
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If you actually believe that Meredith and Matt have the faintest clue what they are talking about.