BofA, Citi Quarterly Report - Bank of America and Citigroup both reported earnings on Friday morning. BofA reported that it earned $3.2 billion (33 cents a share) in the second quarter compared to $3.4 billion (72 cents) a year ago. Most analysts had expected 28 cents a share for BofA. Also, this quarter BofA was able to realize several one time gains from different capital raising moves.
BofA also said this morning that they had made $110.6 billion (1.23 billion per day) in first mortgages during the quarter. Of the number, 71% were for refinances and 29% were for home purchases.
Meanwhile, Citigroup reported a second quarter profit of $4.3 billion (49 cents a share). This included an $11 billion pre-tax gain from its joint venture with Smith Barney. Analysts had predicted the company to lose 37 cents a share in the quarter. Revenue in the quarter was $30 billion.
Housing Starts Go Up Again - Construction of new housing rose for the second straight month according to the Commerce Department report released Friday. Starts rose 3.6% in June to a seasonally adjusted 582,000 annualized units. This is the highest number since November 2008. Starts of new single-family homes rose by 14.4% to 470,000 in June, while starts of large apartment units fell 29.4% to 101,000. Building permits, a leading indicator of housing construction, rose 8.7% to a seasonally adjusted annual rate of 563,000.
GE Posts Quarterly Report - General Electric reported second-quarter net income of $2.67 billion (24 cents a share) versus $5.07 billion (51 cents) last year. Revenue came in at $39.08 billion which was below expectations of $41.66 billion.
Also, CEO Jeff Immelt stated that GE was still in the midst of raising cash. "With the dividend reduced from $6.7 billion to $2.3 billion...we'll save $13 billion of cash in '09 and '10," he said during a conference call with analysts. "I would say we're ahead of plan here with very solid prospects for the rest of the year."
BofA also said this morning that they had made $110.6 billion (1.23 billion per day) in first mortgages during the quarter. Of the number, 71% were for refinances and 29% were for home purchases.
Meanwhile, Citigroup reported a second quarter profit of $4.3 billion (49 cents a share). This included an $11 billion pre-tax gain from its joint venture with Smith Barney. Analysts had predicted the company to lose 37 cents a share in the quarter. Revenue in the quarter was $30 billion.
Housing Starts Go Up Again - Construction of new housing rose for the second straight month according to the Commerce Department report released Friday. Starts rose 3.6% in June to a seasonally adjusted 582,000 annualized units. This is the highest number since November 2008. Starts of new single-family homes rose by 14.4% to 470,000 in June, while starts of large apartment units fell 29.4% to 101,000. Building permits, a leading indicator of housing construction, rose 8.7% to a seasonally adjusted annual rate of 563,000.
GE Posts Quarterly Report - General Electric reported second-quarter net income of $2.67 billion (24 cents a share) versus $5.07 billion (51 cents) last year. Revenue came in at $39.08 billion which was below expectations of $41.66 billion.
Also, CEO Jeff Immelt stated that GE was still in the midst of raising cash. "With the dividend reduced from $6.7 billion to $2.3 billion...we'll save $13 billion of cash in '09 and '10," he said during a conference call with analysts. "I would say we're ahead of plan here with very solid prospects for the rest of the year."
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