Bank of America
Bank of America’s profit surged as legal costs fell. The firm posted quarterly earnings that more than doubled. The bank also saw consumer deposits and mortgage originations jump, bolstered by improving consumer credit. Shares popped three percent to $17.68.
PNC Financial also beat estimates on the top and bottom lines, but earnings fell from last year as a key measure of its profitability continued to decline. Like other regional banks, the firm was hurt by low interest rates that have pressured income. Despite that, shares were up a fraction to $98.32.
BlackRock also posted strong quarterlies. The money manager’s profit and revenue benefited from higher base fees. Also, the firm posted outflows for the first time in almost three years. Shares were one percent higher to $346.49.
Lower fuel prices continued to help Delta in its latest quarter. The airline’s profit jumped 85 percent, but it forecasted a third-quarter drop in unit revenue as the carrier continued to see weaker demand abroad. It blamed that on the strong U.S. dollar. Still, shares rose a fraction to $43.99.