Bank of America barely profitable; $5.3B hit

[EV_Ares]

Company reports steep earnings decline, hurt by $5 billion-plus writedown on CDO-related assets.

NEW YORK (CNNMoney.com) -- Bank of America, stung by a $5.3 billion mortgage-related writedown, reported quarterly results Tuesday that fell short of Wall Street's expectations.

Bank of America (BAC, Fortune 500) shares fell more than 5 percent in pre-market trading on the news.

The Charlotte, N.C.-based company said its net income plunged 95 percent to $268 million, or 5 cents a share, from $5.26 billion, or $1.16 a share, a year earlier.

Revenue fell 31 percent to $12.67 billion from $18.48 billion in the 2006 period.

Link to story: http://money.cnn.com/2008/01/22/news/companies/bac_earnings/index.htm?postversion=2008012207

[still_one]

1. Well, it is down 2 bucks in premarket trading right now /nt