U.S. stocks lower as Bank of America disappoints

Date: Mon, 21 Apr 2008 12:09:41 -0400
U.S. stocks lower as Bank of America disappoints

NEW YORK
U.S. stocks decline after Bank of America Corp. reported earnings that
fell short of expectations and after National City Corp. said it would
offer shares at a discount.

Bank of America profit falls 77%; loan-loss reserve bolstered

Bank of America Corp.'s first-quarter profit falls 77% as credit-loss
provisions jump $4.78 billion.

Shares of Novartis rise as first-quarter profit tops forecast

Novartis posts a forecast-beating 10% increase in first-quarter profit,
a reflection of the Swiss pharmaceutical giant's tight lid on costs as
well as the benefit to be derived from the weaker dollar.

Bank of England seeks to thaw frozen U.K. mortgage market

The Bank of England said it will swap up to 50 billion pounds worth of
Treasury bills for high-rated mortgage-backed securities with commercial
banks in an effort to unthaw frozen credit markets and ensure lower
interest rates are passed on to consumers.

Merck reports profit spike on accounting gain

Despite largely flat worldwide sales, Merck & Co. reports dramatically
higher first-quarter earnings Monday, largely due to an accounting gain
related to its partnership with U.K. drug maker AstraZeneca plc.