Street Not Impressed With Bank Of America Q1 Beat

Bank of America Corp BAC shares are trading lower by $0.30 at $22.51 in Tuesday's session. The issue is in the red despite reporting a Q1 beat EPS beat of $0.06 along with a $600 million beat for revenues.

After a higher open, it rallied only another $0.04 to $23.15 before reversing course. That high is just shy of the pair of highs from April 7 ($23.34) and April 10 ($23.28). Since making that high is has drifted lower and has continued to make new lows for the session.

At this time, the intraday low stands at $22.51. If the decline continues, there may be additional support at the pair of lows from last Thursday ($22.34) and Monday ($22.26). The lowest level it has reached since making its six and one-half high on March 2 ($25.80) was made on March 27 at $22.16.