Afternoon BUZZERS: Bank of America FALLS After Earnings, Vivus SURGES 15%
Bank of America (NYSE:BAC) shares fell nearly 2 percent this afternoon following its second-quarter financial results. The bank posted a profit of $2.46 billion (19 cents per share), compared to a net loss of $8.83 billion a year earlier. “In a challenging global economy, we still see opportunities to do more with our customers and clients. Lending to commercial businesses increased for the sixth straight quarter — with small business lending and commitments up 23 percent in a year — and consumer credit is in the best shape in years,” said Brian Moynihan, chief executive officer.
Vivus (NASDAQ:VVUS) shares surged nearly 15 percent in early afternoon trading. Late Tuesday, the U.S. Food and Drug Administration approved the company’s diet drug called Qsymia, formerly known as Qnexa. Based on the trial results, patients taking Qsymia for a year lost 6.7 percent of their body weight in one study and 8.9 percent in another study, the FDA reported. The Qsymia results outperformed two other weight loss pills reviewed by the FDA recently. Arena Pharmaceuticals (NASDAQ:ARNA), which received approval for the first diet drug in 13 years last month, fell 9 percent on the news.
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Despite an overall weak opening, shares of Apple (NASDAQ:AAPL) remain mostly flat today. A recent report by the WSJ claims that Apple will use a new technology that makes the iPhone’s screen thinner. The new technology integrates touch sensors into the LCD, making it unnecessary to have a separate touch-screen layer. The absence of that added layer means the screen is thinner and the quality of displayed images will improve, according to DisplaySearch analyst Hiroshi Hayase.
Honeywell International (NYSE:HON) shares jumped 6.66 percent in early afternoon. The company reported that second-quarter earnings increased to $902 million ($1.14 per share), compared to $810 million ($1.02 per share) a year earlier. Revenue also rose 3.8 percent to $9.44 billion. Revenue has risen the past four quarters. Revenue increased 4.5 percent to $9.31 billion in the first-quarter. The figure rose 4.8 percent in the fourth-quarter of the last fiscal year from the year earlier and climbed 10.8 percent in the third-quarter of the last fiscal year from the year-ago quarter.
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