Stocks Mixed; BoA, Banks Disappoint

Financial stocks were a drag on the market today after Bank of America reported a 77% decline in quarterly profit and National City posted a surprising loss.

The Dow lost -24.34, the S&P 500 -2.16, while the Nasdaq Composite rose +5.07.

Bank of America
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reported first-quarter revenues and earnings fell substantially due to trading losses and write-downs.

Shares of National City
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plunged more than 27% after the bank reported an unexpected loss. NCC cuts its dividend and said its close to securing a $7 billion cash infusion.

Jefferies Group
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surprised the market by announcing a first-quarter loss amid slumping revenue.

Merck
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reported earnings that beat estimates by $0.02 and reaffirmed its earnings outlook.

Eli Lilly
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missed estimates by $0.04 but issued guidance in-line with the consensus 2008 profit forecast.

Haliburton
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reported earnings of $0.66 per share, $0.02 above consensus.

Market Snapshot

Dow

-24.34 12825.02

NASDAQ

+5.07 2408.04

S&P 500

-2.16 1388.17

Economic
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