Bank of America (BAC)

mickey94558 · Newbie Joined: 30 Dec 2008 Posts: 2

Anyone know why BoA is continuing to drop? I haven't seen any news relating to it. Sad

HenryTo · Posted: Fri Jan 16, 2009 1:24 am Post subject:

Details of BAC "rescue" is leaked. Earnings report has now been pushed forward to this morning at 7am EST.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aWml6AhmN1jA&refer=home

rffrydr · Posted: Thu Jan 15, 2009 9:53 am Post subject:

Looks like the split dividend will be scrapped though...but could be nice re-entry setup for the CFC-A preferreds with direct US backing already behind them. These can get smacked around on any large institutional dump. --Under 10 and I'll have no choice. Shocked

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Today is the Tomorrow you worried about Yesterday!

HenryTo · Posted: Thu Jan 15, 2009 9:41 am Post subject:

Any "backstopping" of BAC could be announced in conjunction with the Citigroup earnings report tomorrow morning - at the latest this weekend. It is all about dilution at this point. BAC common is not going to zero by any means.

rffrydr · Posted: Thu Jan 15, 2009 9:12 am Post subject:

Zonk. Too many institutional "core" holders. Straddle writes don't cover this Crying or Very sad

Anyone who's ever had a BofA account knows how they they suck up the fees. Lewis now has gone from hero to zero....his example will not go far in loosening up TARP money amongst colleagues.
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Today is the Tomorrow you worried about Yesterday!

rffrydr · Posted: Wed Jan 14, 2009 8:00 pm Post subject:

BAC under attack. Any more and I will be too. Kitchen-sinking this quarter maybe is not the best strategy. This'll be a good test of whether the sharks are sated--that is to say, if the govt. has control of the CDS market:

http://www.forbes.com/reuters/feeds/reuters/2009/01/14/2009-01-15T005820Z_01_N14486706_RTRIDST_0_BANKOFAMERICA-UPDATE-3.html
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Today is the Tomorrow you worried about Yesterday!

rffrydr · Posted: Wed Jan 07, 2009 9:54 am Post subject:

Down 2% in a 2% down market....I guess we're living with it. Maybe the jobs report will give another chance at near 1Xtangible.
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Today is the Tomorrow you worried about Yesterday!

rffrydr · Posted: Tue Jan 06, 2009 8:37 pm Post subject:

Interesting from the comments (66 angry men) the degree of indian outsourcing involved--clearly key to the takeover streamlining. And, finally, someone with the authority to pluck those bonuses.

Look for more regulatory leeway on capital reserves towards boosting financial balance sheets (just did this on annuities); is now the number one mortgage servicer by far; biggest deposit base; doubled up on china and very well placed for CA RE recovery. --The Merrill element tripley so. I discount the SP (indian, irony of ironies) judging rights offerings and further dividend cut. Countrywide preferreds were my best trade(s) last year. I'll look to buy them again if they crack on this news.
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Today is the Tomorrow you worried about Yesterday!

HenryTo · Posted: Tue Jan 06, 2009 7:23 pm Post subject:

BAC CEO Ken Lewis says they will miss earnings expectations for 2008. Also says they will forgo executive bonuses:

http://www.marketwatch.com/news/story/bank-america-ceo-sees-2008/story.aspx?guid=%7B6779FB6F%2DFF90%2D4C4F%2D801E%2D12033BB3BC93%7D&siteid=yhoof

rffrydr · Posted: Thu Jan 01, 2009 9:57 pm Post subject:

To big...to be ignored. That's why I'm in again down here.

http://money.cnn.com/2009/01/01/news/companies/boa_merrill.reut/index.htm
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Today is the Tomorrow you worried about Yesterday!

rffrydr · Posted: Tue Dec 30, 2008 1:42 pm Post subject:

Lewis made some big bets on the bottom of the credit crunch--and didn't count on the economy.
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Today is the Tomorrow you worried about Yesterday!