Jury still out on Bank of America

Bank of America fell well below analysts expectations when it announced earnings of 15 cents a share for the third quarter. The average analyst was predicting an estimate of 62 cents a share. The bank also cut its quarterly dividend in half to 32 cents, and announced an offering of common shares to raise $10 billion. None of this is really all that surprising. It certainly points to the challenges the bank faces as it tries to digest both Countrywide and Merrill Lynch. It's fair to say that CEO Ken Lewis has put it all on the line. The outcome of these deals will be his legacy. The integration must occur in a punishing environment. It's not clear at all that he'll get any help from the economy.

For more:
- here's a Fortune update

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