The trucking industry is worth hundreds of billions of dollars per year. Uber is going after this market with Uber Freight, an online platform that matches truckers with...Technologyread more
Drone strikes attacked an oil processing facility at Abqaiq and the nearby Khurais oil field on Saturday.Marketsread more
Trump said oil would be released if needed to keep the market well supplied and he would expedite the approval of pipelines in Texas and other states.Marketsread more
Saudi Aramco is aiming to restore by Monday about a third of its crude output that was disrupted after drone attacks on two key oil facilities, The Wall Street Journal...Marketsread more
Apple's new iPhones can still send texts, download apps, and make video calls, but the company spends a lot of time and effort marketing its new phones as powerful photography...Technologyread more
Some U.S. manufacturers say tariffs, if targeted, will help address longstanding unfair trade practices like intellectual property theft.Traderead more
Supporters of a $15 minimum wage ballot initiative in Florida argue the state's inflation-tied pay hikes have not gone far enough.2020 Electionsread more
Saudi Arabia shut down half its oil production Saturday after drone strikes hit the world's largest oil processing facility in an attack claimed by Yemen's Houthi rebels.Politicsread more
Trusii's hydrogen water machines were supposed to help users with their health problems, but customers claim the company is involved in a giant scam.Technologyread more
The decoupling of the world's two weightiest economies seems as inescapable as its extent and global impact remains incalculable.Politicsread more
BlackBerry has reinvented itself to become a leader in securing mobile communications and in embedded communications. Next year it plans to roll out new products. CEO John...Evolveread more
Bank of America reported Monday better-than-expected results for the first quarter of the year, driven by strong loan growth and lower taxes.
Here's how the bank fared compared with Wall Street expectations:
— Earnings: 62 cents per share vs. 59 cents expected by Thomson Reuters.
— Revenue: $23.1 billion vs. $23.059 billion forecast.
— Net interest income: $11.6 billion vs. $11.69 billion forecast by StreetAccount.
— Fixed income trading revenue: $2.5 billion vs. 2.92 billion forecast.
Bank of America said loans in its business segments grew by 5 percent to $864 billion on a year-over-year basis.
"Our responsible growth model continues to deliver consistent results," CEO Brian Moynihan said in a statement. "Strong client activity, coupled with a growing global economy and solid U.S. consumer activity, led to record quarterly earnings."
Bank of America also said revenue for its consumer banking business climbed 9 percent to $9 billion, driven by a 13 percent spike in net interest income in the segment.
Revenue for equities trading rose 38 percent $1.5 billion, helping offset a 13 percent decline in fixed income trading. Equities trading likely got a boost from an uptick in stock-market volatility last quarter as investors fretted over inflationary and political concerns.
Bank of America added that legislation passed last year helped drive its effective tax rate down by 9 percentage points.
"I thought they were pretty good results," Jeff Harte, analyst at Sandler O'Neill, told CNBC's "Squawk Box" on Monday. "Net net, I think we're seeing progress where we need to see progress and BofA should keep chugging along higher, in my opinion."
The company's stock rose 0.4 percent on Monday. Bank of America shares are up about 1 percent for the year, outperforming rival Citigroup, which is down 4.6 percent in 2018.
Correction: An earlier version misstated Bank of America's revenue for consumer banking for the first quarter. It was $9 billion.