Stocks Drop as Bank of America, Yahoo results Drag

U.S.stocks fell at the open on Wednesday as investors contended with less-than-hoped for results from
corporations including Bank of America Corp. and Yahoo Inc.The Dow Jones industrial average lately fell
105.10 points or 0.71 percent, to 14,651.68, the S&P 500 lost 14.62 points or 0.93 percent, to 1,559.95
and the Nasdaq Composite dropped 35.54 points or 1.09 percent, to 3,229.09.

Bank of America Corp reported a lower-than-expected first-quarter profit and its revenue fell. Net
income quadrupled to $2.62 billion, or 20 cents per share, from $653 million, or 3 cents per share a
year earlier as expenses dropped and the bank set aside less money to cover bad loans. But total
adjusted revenue fell 8.4 percent to $23.85 billion.

Yahoo Inc’s first quarter revenue fell short of Wall Street targets, as the Internet company continued
to feel the effects of declining traffic to its Web properties and of falling display advertising sales.
Yahoo said it earned $390 million, or 35 cents a share in the first three months of the year, compared
to $286 million, or 23 cents in first quarter of 2012.

Crude oil fell below $88 a barrel Wednesday. Benchmark oil for May delivery was down 73 cents to $87.99
a barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange.