U.S. futures are down this morning after Bank of America (NYSE: BAC) released disappointing figures for the quarter. The country's second-largest bank said net income plunged to $1.21 billion, or 23 cents a share, from $5.26 billion, or $1.16 a share, a year ago. Analysts had been expecting earnings of 41 cents a share.
Meanwhile, Merck (NYS: MRK) said first-quarter income jumped 94% to $3.3 million, or $1.52 a share, from $1.7 million, or 78 cents a share, a year earlier. Excluding a $1.4 billion gain from the AstraZeneca partnership and restructuring charges, Merck posted income of 89 cents a share. Worldwide sales climbed 1% to $5.8 billion, aided by the weak U.S. dollar.
Halliburton (NYSE: HAL) said Q1 earnings rose to $584 million from $552 million, while revenue increased to $4.03 billion from $3.42 billion, a year earlier. Elli Lilly reported earnings of $1.06 billion, or 97 cents a share, up from $508.7 million, or 47 cents. Analysts had expected somewhat better numbers from Lilly.
Despite a week of mixed earnings reports, the Dow, Nasdaq, and S&P 500 surged Friday, each ending the week up more than 4%. This is another big week of earnings reports, with Texas Instruments reporting today after the bell.
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