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Stock Analyst Update

First Union's Earnings Lack Sparkle

Securities division performs, but past-due loans are a worry.


First Union (FTU) may be on the comeback trail, but the Charlotte, N.C.-based bank's first-quarter earnings failed to inspire confidence.

The company reported operating earnings of $838 million, or $0.85 per share, meeting analysts' consensus estimate for the quarter. Profits declined about 3% when compared with First Union's operating results for the first quarter of last year.

Laura Pavlenko Lutton does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.