July 18 - Bank of America reports a second-quarter profit as the second-largest U.S. bank cut costs and reduced reserves for loan losses.
Financials and tech in -- here's your morning called this Wednesday. Back in black Bank of America reported a quarterly profit after taking a loss of mortgage related costs in the same quarter a year ago. Revenue rose as well CEO Brian -- hand accrediting rising lending to commercial businesses. For helping it resolves shares moving up in the premarket the stock has given back much of its gains made earlier this year. Reality bites Intel chip maker lowering its 2012 revenue growth forecast. Analysts say they thought it was too high. Intel's CFO says consumer spending in Europe and US is softer than previously thought several brokerages cutting price target on the stock which has fallen about 10% over the past three months. Yahoo! meanwhile reported flat revenue and a slight decline in profit. Both new CEO Marissa -- an interim CEO -- Levinson skipped a conference call. Compton California close to joining an exclusive list that is fast becoming less exclusive. Cities in the Golden State that has filed for bankruptcy in 2012. To treasurer and comptroller of the city of 93000. On the outskirts of Los Angeles -- lawmakers must decide by September 1 whether to file. That's plan it will run out of money so -- San Bernardino Stockton and -- have already filed for bankruptcy protection this year. Fed Chairman Ben Bernanke testifies before the house today after answering questions from senators Tuesday. The Fed released its Beige Book survey of regional economic conditions this afternoon also out housing starts. Economists in the Reuters poll looking for an annual rate of 745000. In June up from the 708000. Seen in May. The demand for multifamily housing driving much of the improvement. And a couple of other financial stocks to watch starting with PNC financial it posted lower than expected earnings as it had to set aside more money to meet them repurchase obligations. And black rock the world's largest money managers sought to profit fall 11%. As tough market conditions cut into income. That's your morning called this Wednesday you can follow us on Twitter at Reuters Insider and check out our Reuters YouTube channel at Reuters dot com slash Reuters TV. I'm Lisa Bernhard this is Reuters.