DOW JONES NEWSWIRES

Below is a synopsis of major second-quarter releases from Friday morning:

Bank of America Earnings Down 5.5%, Top Views

Bank of America Corp.'s (BAC) income fell 5.5% on higher merger charges and continued credit woes, but results topped analysts' expectations. Credit-loss provisions, while more than doubling from a year earlier, were flat with the first quarter. Shares, lower much of premarket trading, recently turned higher and were up fractionally at $13.29.

GE Profit Slides 47% On Finance-Arm Troubles

General Electric Co.'s (GE) profit dropped 47% on continued woes at its financial operations, though earnings topped estimates. Chairman and Chief Executive Jeff Immelt said the company is holding pat to its expectations for the year. Nonfinance industrial earnings dropped 8%, below the company's 2009 target. Stock down nearly 5% at $11.82.

Citigroup Posts Profit On Smith Barney Gain

Citigroup Inc. (C) swung to a profit on a $6.7 billion gain related to the combination of its Smith Barney brokerage operations with those of Morgan Stanley (MS). Investment-banking revenue fell 13% while deposits rose 6% during the quarter and operating costs dropped 21% as the work force fell 9.7% during the quarter. Citi's stock rose recently 4.3% to $3.16.

Mattel Earnings Soar On Cost Cuts, Non-Operating Results

Mattel Inc.'s (MAT) earnings soared 82% on non-operating income and lower costs, though sales slid a bigger-than-expected 19% as consumers cut spending and retailers curb their inventories. Shares climbed 5% recently to $16.94.

BB&T Earnings Down 52%, Reaches TARP Warrant Deal

BB&T Corp.'s (BBT) profit plunged 52% as credit woes continued to mount, but the results still topped analysts' expectations. The regional bank also agreed to repurchase the warrants issued in connection with the government's $3.1 billion investment for $67 million. Its stock edged lower recently.

First Horizon Loss Grows As Credit Woes Mount

First Horizon National Corp.'s (FHN) loss widened, as results missed analysts' expectations. Loan-loss provisions fell from the prior quarter at the Tennessee-based bank, but loan performance continued to weaken. Shares dropped 5% recently to $12.09.

Marhshall & Ilsley Loss Narrows, Loan Woes Mount

The loss at Wisconsin's largest bank - Marshall & Ilsley (MI) - narrowed on sharply lower loss provisions, but loan quality continued to worsen during the quarter. Shares fell 2% to $5.21 even as the loss was narrower than expected.

A.O. Smith Earnings Soar On Merger

A.O. Smith Corp.'s (AOS) earnings more than doubled, topping expectations, amid its April merger, though sales continued to drop amid a slowdown in construction and consumer spending. The company edged up its slashed 2009 earnings target. Shares were up 5% at $37.35 recently.

Packager Bemis Reports Surprise 4.5% Profit Growth

Bemis Co.'s (BMS) profit unexpectedly rose 4.5% amid cost cutting and higher margins, though the packaging-materials company saw weak demand and revenue hurt by currency rates. Shares were off 1% in early trading at $26.62.