Bank of America Rules the Day, Google Down Big at Night

The market was up all around today:

Lifting the markets was good news out of the banking sector, with Bank of America (NYSE: BAC) and Morgan Stanley both reporting favorable earnings before market open.

B of A became profitable on a full-year basis, but that was due to asset sales rather than operations. However, its lending showed strength and it seems to be executing well on its plan to become leaner and meaner. After popping around 5% initially, shares settled back to a 2.4% gain on the day, leading all Dow components.

Meanwhile, Morgan Stanley reported a loss, but one that wasn't as bad as analysts expected. It showed strength in its trading business and shares rose 5.4%.

The banks ruled the market during the day, but Google's (Nasdaq: GOOG) after-hours report is ruling the night. Finally disappointing analysts after two straight years of quarterly beats, Google's shares are down 9% as I write this. But investors should note that CEO Larry Page was actually "very happy with our results."  

How can Larry Page's opinion be so different than the market's gut response? Either he's wrong, he understands the numbers better, or he's keeping a longer-term view. Until convinced otherwise, I'll give him the benefit of the doubt that it's one of the latter two.

The daily news is fun to check out, but remember that these summaries are just a starting point. Dig in to the earnings of Bank of America or Google if you're intrigued.

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