Bank of America earns 3 cents per share

(AP) NEW YORK - Bank of America (BAC) says it earned 3 cents per share in the first three months of the year, but that includes an accounting charge of 28 cents because the value of the bank's debt rose.

Wall Street analysts were expecting earnings of 9 cents, according to financial data provider FactSet. Investors appear to like the results: The stock is up 53 cents to $9.45 in premarket trading.

Revenue fell 17 percent to $22.5 billion. Analysts expected $22.8 billion.