THE POWER OF MOVEMENT portfolio

Financial results of Bank of America surpassed analysts' estimates. Bank of America has benefited from a sharp increase in lending activity after a nearly two-year pandemic. The bank reported earnings of $0.80 per share, well above analysts polled by FactSet's forecast of $0.75 per share. Revenue of $23.2 billion came in slightly above estimates of $23.1 billion. Average loan balances rose 8% to $978 billion, supported by a 16% rise in commercial lending. The bank noted that a one percentage point increase in both short-term and long-term interest rates would boost its net interest income by $5.4 billion over the next 12 months.

Tesla Inc. reported stronger-than-expected first-quarter results, boosted by strong demand for its electric vehicles. Tesla Inc. profit was $3.22 per share. Wall Street was looking for earnings per share of between $2.20 and $2.30 on sales of approximately $18 billion. In the fourth quarter of 2021, Tesla earned $2.54 per share on sales of $17.7 billion. The global electric vehicle market leader is expanding across three continents with new plants in Austin and Berlin along with existing plants in California and Shanghai. This is expected to help the company meet or exceed its stated goal of 50% annual sales growth.

Delta Air Lines Inc. reported a return to profitability in March and outlined an optimistic earnings outlook over the next three months. Delta Airlines said it has bounced back from 2019 levels. The company said consumer demand accelerated during the first three months of the year, underscored by strong spring break sales. Delta expects revenue to be between 93% and 97% of 2019 levels in the current quarter ending June, with capacity restored 84% to pre-pandemic levels.