Bank of America (BAC: $14.20, up 45 cents) reported earnings last night and the company missed revenues by a bit and you would think the analysts were having a stroke. Profits were down but met expectations of 20 cents. Profits were in line with the market's low expectations after what was seen as the toughest first-quarter for the banking industry since the financial crisis of 2008. You might think the stock would have gotten hammered, but as noted above, it is up 3%. The bank is the 2nd largest in the United States, by assets, and we think it is cheap.
