NEW YORK (AP) -- Stocks are sharply lower after several big companies including Bank of America reported financial results that fell short of expectations. Bank of America fell 4 percent in early trading, the biggest percentage loss in the Dow, while toy maker Mattel rose 4 percent after reporting a big jump in net income.
NEW YORK (AP) -- Bank of America says its profit soared in the first quarter, helped by mortgages and wealth management. But revenue fell and profits missed expectations. The Charlotte, N.C., bank reported earnings of $2.3 billion in the first quarter, nearly seven times higher than a year ago. Revenue was $23.9 billion after stripping out an accounting charge, down 8 percent from last year.
EL SEGUNDO, Calif. (AP) -- Mattel's first-quarter earnings are better than analysts expected. Its net income more than quadrupled, helped by strong sales of dolls like Monster High, Disney Princess and American Girl. The world's largest toy maker says its net income was $38.5 million, or 11 cents per share, up from $7.8 million, or 2 cents per share, a year ago. Revenue climbed 7 percent.
NEW YORK (AP) -- Google's mail and application services are unavailable to some users this morning. Google's apps status dashboard shows that its Mail, Drive file storage service and office-application services are "disrupted." Its administrator control panel, which lets companies manage their Google applications, is completely down. The company says it's investigating the problems, but doesn't know their cause.
WASHINGTON (AP) -- The International Monetary Fund is urging the Federal Reserve and other central banks to closely monitor their extraordinary efforts to jump-start economic growth. The global lending organization says the low-interest rate policies are providing "essential support" for economic growth and should continue. But it also says the policies could have "adverse side effects," including excessive corporate debt, a stock market bubble and risky investments by pension funds.
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