Two Ways: Bank of America Gets Vote of Confidence
Strengthen your portolio in good times and bad.
Bank of America (BAC) Chief Executive Officer Ken Lewis and 6 other executives purchased additional shares in the company Wednesday. According to a regulatory filing submitted today, Lewis bought 200,000 shares at prices between $4.78 and $4.81. Other directors also disclosed purchases of approximately 200,000 shares, including retired Army General Tommy Franks, who snatched up 30,000.
Shares of Bank of America dropped below $4 earlier today, hitting their lowest level in over 2 decades, but the vote of confidence may have helped the stock recover: It closed up 3% to $4.84.
Watch Toddo on TV: Get Ready for a Monster Move in the Market.
From the Bull Pen: Investors appear to be getting a better sense of clarity as we head into the weekend. Vehicles for consideration can range from Yahoo (YHOO) to the Financial ETF (XLF). But remember to keep those sell stops in place as the "monster move" can easily go the other way.
From the Bear Cave: Also helping financials recover were rumors of a suspension of mark- to-market accounting rules. But as Mr. Practical so eloquently stated on the Buzz, "Does anyone remember the lesson of Fannie Mae (FNM), which did not publish financial statements for a year and a half? Mutual fund managers paid a dear price for that lesson."
Actionable ideas, instant analysis. Real-time from bell to bell.
Minyanville's Buzz & Banter - 14 day FREE trial
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Daily Recap Newsletter