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Monday, July 21, 2008 --- 47 days ago http://www.bloggingstocks.com/2008/07/21/before-the-bell-bac-dna-yhoo-aapl-mrk-a
 Filed under: Before the bell , Earnings reports , Deals , Google (GOOG) , Microsoft (MSFT) , Yahoo! (YHOO) , Apple Inc (AAPL) , Time Warner (TWX) , Market matters , American Express (AXP) , Bank of America (BAC) , Merck and Co (MRK) , Genentech Inc (DNA) , Hasbro Inc (HAS) Stock futures were higher this morning after Bank of America joined recent financials and topped Wall Street estimates. Also pushing futures higher is a deal in the pharma sector with Roche bidding nearly $44 billion for the rest of Genentech. However, both Merck and Schering-Plough said they'll postpone reporting their financial results after the close; Apple will also be reporting results then. Finally, oil prices came off a six-week low and are trading back above $130 a barrel due to escalating Middle East tensions. Higher oil prices could dampen the mood on the Street. Bank of America Corp. (NYSE: BAC ), the biggest U.S. consumer bank and home lender, said profit fell 41% to $3.41 billion, or 72 cents a share, much better than analysts estimates of 21 cents according to Bloomberg. The bank curtailed loan losses, adding $2.2 billion to loan loss reserves. The bank has completed the purchase of Countrywide Financial Corp. on July 1. With these results, BAC joins other big banks that have recently reported better-than-expected results. BAC shares are up 8.6% in premarket trading. Roche Holding on Monday said it was offering $43.7 billion to take over the remain ... |
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