Bank of America joined the parade Monday, announcing much better than expected earnings of 44 cents a share vs. the consensus expectation of about 5 cents. This was good news, and helped confirm a rally that has seen the stock bounce back from historic lows. The news comes at crucial time for CEO Ken Lewis, who will likely face some skeptical shareholders next week. Some have been calling for his head for some time now. He'll likely tout the news that Merrill Lynch and Countrywide contributed to earnings.

The good first-quarter news does not mean that the bank has turned a corner. The results of the stress tests may force the government into a massive, Citigroup-like exchange offer that will dilute the heck out of common holders. And the economy may force some larger writedowns. People are closely watching its credit card-related writedowns, but the refinancing wave has undoubtedly helped.  

For more:
- here's a CNNmoney article

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