I have no position, but Doug Kass sees things differently
A combination of non-recurring items suggest that BAC's core results were in the red, far from the $0.15 a share reported.
Indeed, including a reserve release of 7 cents on top of other non-recurring factors (securities gains, etc.) it suggests that the company, on a recurring basis, had a loss of about 10 cents a share.
Revenues were light. Iinvestment banking and equity activity were especially weak.
Tangible book value per share dropped from $13.22 to $12.92.
So far, in premarket trading, the market is forgiving as the shares are trading up by 44 cents from last night's close.
I took a short rental at $7.22.
Position: Short BAC