This is a getting a bit embarrassing for the analysts. Who were woefully wrong on Bank of America's earnings, as they were for Goldman Sachs and JPMorgan Chase. Bank of America's profit 33 cents per share, beat Wall Street forecasts, which were in the 28 cents per share range. Now this is not as gargantuan a miss, as were the misses for the other banks. Still, the analysts in general seem to have missed the strength of the trading boom, as wide spreads have led to a spike in fees.

Bank of America said its result also reflected a gain from selling part of its stake in China Construction Bank Corp. All in all, this is good news, but not necessarily a sign, that the bank has turned a corner. There are still a lot of core credit concerns, obviously. To the extent the losses can be offset, that's terrific. But the trading gains may not necessarily last, and we all expect more losses from credit cards and commercial real estate.

For more:
- here's the AP article 

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