US Stock Market Moves | Q3 Revenue Misses Expectations and Faces Regulatory Penalty, Bank of America (BAC.US) Opens Down Nearly 8%

According to Zhihui Finance APP, on Wednesday, Bank of America (BAC.US) opened down nearly 8%, reaching its lowest point since May; Morgan Stanley (MS.US) fell nearly 4%, hitting its lowest level since April. In terms of news, Bank of America announced a significant decline in third-quarter profits. Previously, the company was fined $1.2 billion by US regulatory authorities. Meanwhile, the company's revenue also disappointed the market, as the actual income from its trading business was about $750 million less than expected. Wells Fargo analyst Mike Mayo described Bank of America's capital markets business performance this quarter as "without a doubt the worst among its peers" in a research report released on Wednesday.