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Bank of America's 3Q results rattle investorsOctober 7, 2008 10:18 PM ET

All Associated Press newsNEW YORK (AP) - Bank shares tumbled Tuesday on fears that worse-than-expected third-quarter results by industry bellwether Bank of America Corp. may indicate how others in the sector will fare when they report earnings in coming weeks.

Bank of America's disappointing earnings — which were reported two weeks ahead of schedule — were due in large part to continued deterioration in asset quality, something most banks are likely to contend with once again when they report results for the July to September period.

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