US Stock Market Move | Q3 revenue misses expectations and faces regulatory penalties; Bank of America Corp (BAC.US) opens down nearly 8%.

On Wednesday, Bank of America Corp (BAC.US) opened down nearly 8%, hitting its lowest point since May; Morgan Stanley (MS.US) fell nearly 4%, hitting its lowest point since April. On the news front, Bank of America Corp reported a sharp decline in third-quarter profit. Previously, the company was fined $1.2 billion by US regulators. At the same time, the company's revenue performance also disappointed the market, as actual revenue from its trading business came in about $750 million less than expected. Wells Fargo & Company analyst Mike Mayo, in a research report released on Wednesday, called Bank of America Corp's capital markets business performance this quarter "unquestionably the worst among its peers." Morgan Stanley's third-quarter net revenue was $20.34 billion, compared with an estimate of $19.89 billion; third-quarter net interest income was $3.25 billion, compared with an estimate of $2.78 billion; third-quarter FICC sales and trading revenue was $2.01 billion.