Wall Street has been trading lower today, mostly in reaction to poor earnings out of Banc of America (NYSE: BAC). The financial giant had been expected to post earnings for its third quarter of $1.06, but were shocked when the company posted actual earnings of only 82 cents a share.

The company attributed its 32 percent drop in third quarter profit to trading losses and write-downs on a wide variety of loans, re-kindling investor fears over the extent to the damage the sub prime mortgage crisis will have on the broad market.

Shares have traded down 3.5 percent in today’s market to $48.28, down $1.75 and hit an intra day low of $47.76 earlier in the session.

The North Carolina based bank had a 12 percent revenue decline to $16.3 billion, down from $18.49 billion during the same period last year.

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