Bank of America Turns in Earnings That Were Above Expectations

Bank of America reported 40 cents a share versus 38 cents expected. Revenue was $20 billion, which was on the light side of consensus. CEO Brian Moynihan says the bank is well-positioned to deliver for shareholders in 2017. Nintendo shares are falling in Japan over disappointment about the new Switch console. Investors fear they have priced the Switch too high. At $300 it may not be competitive with other devices especially since there are only 6 games available when it goes on sale. The Switch will be available for purchase March 3rd for $300. More automakers are being probed for cheating on emissions. Paris prosecutors opening a preliminary investigation into emissions by Renault vehicles weeks after fraud watchdogs said their research found enough material to require further investigation, sending the automakers shares sliding. Meanwhile, Fiat Chrysler shares are rebounding in Italy.