Annual rate of inflation down to 2.7% from 2.9% in May, raising the odds of a BoC cut next week) both reported their second quarter results with shares of Bank of America moving to the upside in pre-market trading as itbreak down the latest earnings figures for these major banks and what it could mean for their stocks moving forward.Today we are watching shares of two top trending tickers on Yahoo, Finance, Bank of America and Morgan Stanley, both out with second quarter results.
Let's just briefly hit on Bank of America a few of the takeaways that I was able to peruse through this report and ultimately kind of pen down as some of the bullet points that investors may be thinking about this morning.Even though you did get a beat on top and bottom expectations, there was an overall lower performance versus last year.You also saw the provision for credit losses up annually and sequentially here.
The company, saying that net interest income on a fully taxable equivalent basis is probably going to climb to about 14.5 billion in the fourth quarter.I think that's giving Wall Street a bit of confidence and why we're seeing Bank of America shares up just over 1% here in early trade or in pre market trading.You've got that bank under some pressure here, following the result that we got out this morning.