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Author Topic: BAC Bank of America
invester
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I thought this needed its own thread. Up 19% this morning. The CEO will be on CNBC at 11:15 eastern time today.
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greenman
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I added more to my position. Thanks for the thread.
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invester
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HOD $5.76
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sju1973
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BAC was killing me all week. I mean I was so far down that I actually had a margin call! I sold off my other open positions and held on to BAC trying to keep the faith. I am almost in the green now! I hope this uptrend lasts through next week.
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invester
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The CEO comes on CNBC in 1 hour. I think this closes up above $6 only to continue Monday.
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sju1973
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BofA CEO Lewis buys nearly $1 million more shares
Bank of America CEO Lewis says board supports model; buys 200,000 more shares
Ieva M. Augstums, AP Business Writer
Friday February 6, 2009, 10:06 am EST
Yahoo! Buzz Print Related:Bank of America Corporation
CHARLOTTE, N.C. (AP) -- In his latest move to show support of his bank, Bank of America Corp. Chief Executive Ken Lewis spent almost a million dollars this week to buy additional shares of his struggling bank.

Related Quotes
Symbol Price Change
BAC 5.54 +0.70


{"s" : "bac","k" : "c10,l10,p20,t10","o" : "","j" : ""} He also told employees in a memo that the bank's board, "unanimously endorsed our business model, strategic direction and the team," at its regular meeting on Jan. 28.

The moves are Lewis' latest effort to convince employees, investors and the board that he and his management team can lead it out of its current crisis.

Lewis purchased 200,000 shares for $958,340 on Wednesday, according to a filing with the Securities and Exchange Commission on Thursday. It's the second time in recent weeks that Lewis has pumped his own money into the Charlotte, N.C.-based bank. Two weeks ago, he bought 200,000 shares for $1.2 million.

The filing came as the Bank of America's shares rebounded from a 25-year low Thursday afternoon, following other financial stocks higher as reports surfaced that the government may modify accounting rules that have been blamed for contributing to banks' troubles.

Shares of Bank of America rose 14 cents, or 3 percent, to close at $4.84 on Thursday. Earlier in the day, shares had tumbled as much as 20 percent to $3.77 -- a level not seen since 1984.

Bank of America shares rose 78 cents, or 16.1 percent, to $5.62 in morning trading Friday.

The bank's shares have been pummeled in recent days following the disclosure of the bank's first quarterly loss in 17 years and mounting concerns about its recent Merrill Lynch & Co. acquisition. There's also unrelenting concerns that the government's future plans to help prop up banks could hurt shareholders.

Last week, Lewis went before his directors in Charlotte for "the longest board meeting in anyone's memory," he told employees in the memo issued Monday.

"Every member of the management executive team participated, as we discussed in great detail the company's most recent performance and our plans for getting through the recession in a position of strength," he wrote in the memo.

Some analysts said Lewis' job might be on the line, but lead director O. Temple Sloan Jr. later issued a statement of support for the bank's management team.

In the memo, Lewis called the company's performance in January "encouraging." The "extreme dislocations in the capital markets we suffered last quarter seem to have moderated" but "credit costs continue to be a big issue."

He also acknowledged employees are disappointed about cuts to their bonuses. He noted that higher-ranking executives are taking deeper reductions and that neither he nor his top lieutenants are receiving payouts for 2008, according to the memo.

Last month, it was learned that Merrill Lynch, with Bank of America's knowledge, had moved up year-end bonuses for executives so they could be awarded before the acquisition was formalized Jan. 1. The bonuses were given as Bank of America was approaching the government for more money.

Former Merrill Lynch CEO John Thain, who had taken over as head of the combined company's wealth management business, resigned after news of the bonuses broke.

Thain and Bank of America's chief administrative officer, J. Steele Alphin, have been subpoenaed by New York Attorney General Andrew Cuomo amid an investigation into the timing of the Merrill Lynch bonuses.

On Monday, North Carolina Attorney General Roy Cooper also made a request for documents from Bank of America about the bonuses. The North Carolina Department of Justice issued an "investigative demand" seeking records, including a list of Merrill employees who received bonuses, communications between Merrill and Bank of America executives and details of the bank's federal assistance use.

Bank of America is required to respond by March 4, according to the 11-page demand.

"Public money is at stake," Cooper said in a statement.

Investors have been extremely anxious ahead of President Barack Obama's unveiling next week of a new framework for spending what's left of the $700 billion financial bailout which Congress created last year. Investors fear that the administration's moves could hurt shareholders by diluting the value of their stock.

Bank of America has already received $45 billion in government aid, including a $20 billion injection last month to help it absorb losses from its Merrill Lynch acquisition.

On Thursday, Bank of America spokesman Scott Silvestri declined to comment on the stock price, the likely effect of a new rescue plan or calls for management changes.

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invester
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Look at the cash and tangible value per share!!!


Per Share Data

EPS Normalized (MRFY) 0.74
Rev per share (TTM) 15.79
BV per share (MRQ) 35.29
Tangible BV per share (MRQ) 14.65
Cash per share (MRQ) 6.55
Cash flow per share (TTM) --
Indicated Annual Dividend (US) 0.04

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invester
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$5.97
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invester
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Look at the forward P/E You could have $20 easily.


key statistics
Forward P/E (1 yr): 3.26
P/S (ttm): 0.53
Dividend Date: 26-Mar-09
Ex-Dividend Date: 04-Mar-09

» More Key Statistics

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invester
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BofA's Lewis: Co Won't Be Needing Any More Govt Money -CNBC
2 minutes ago - FW

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invester
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$6.15
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invester
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$6.43
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sju1973
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6.44 I never thought I'd see green! [Smile]

I wonder if this will carry over until next week, or is it too much too soon? I guess we will see.

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Free Muney
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bought in ah yesterday for 10k! yesssssssssssssss.

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Contrarian views always appreciated.... :p

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invester
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quote:
Originally posted by invester:
BofA's Lewis: Co Won't Be Needing Any More Govt Money -CNBC
2 minutes ago - FW

This is exactly what I was looking for. No more Tarp, thus no dilution. I think we see $15 within a couple of weeks.
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invester
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BofA CEO Lewis: Bank Will Not Need More TARP Funds
Topics:Barack Obama | Wall Street | Banking
Sectors:Financial Services | Banks
Companies:Merrill Lynch & Co Inc | Bank of America CorpBy: Maria Bartiromo, Anchor | 06 Feb 2009 | 01:15 PM ET Text Size Bank of America won't need any more bailout money from the government and hopes to pay back the $45 billion it's already received within three years, CEO Ken Lewis told CNBC.

In a live interview, Lewis also dismissed speculation of a possible government nationalization of BofA as "absurd" and said the controversial acquisition of Merrill Lynch last year will "turn out to be a good investment over time."

BofA has received some $45 million in TARP money in recent months, $20 billion of which was needed to help shield the bank from bigger-than-expected losses at Merrill Lynch. The government helped engineer the Merrill acquisition last fall as the brokerage giant neared collapse under the weight of bad mortgage-related assets.

See transcript of the interview
Lewis said BofA is focused on making money and getting TARP money paid back "as soon as humanly possible."

"We're going to get on with doing business," he said. "And frankly, we had a pretty good January."

When asked about the possibility of a government takeover, Lewis said he's talked to members of Congress, regulators and government officials and that "it's not even a remote possibility and no one has mentioned nationalization."

As for the acquisition of Merrill Lynch, Lewis said he had no regrets in making it, and that "It will turn out to be a good investment over time."

Lewis said that other firms wanted to invest in Merrill and that "BofA couldn't let the deal go, and we thought it was in our best interest and in the country's best interest to go ahead with the Merrill takeover."


Lewis also says that the government promised to assist BofA in the deal and that the government strongly advised BofA not to walk away from the deal.

Lewis says BofA didn't anticipate the meltdown of Merrill assets in mid to late December, but that the company did do its "due diligence before acquiring Merrill."

As for the firing of former Merrill CEO John Thain, Lewis said, "I don't like to revisit the past; I'm sorry it happened and I wish John well."

Lewis also said he knew Merrill was considering bonuses, and the range, but was not personally involved. Merrill paid out billions in late year bonus money.

The Lewis interview come as he spent almost a million dollars this week to buy additional shares of his struggling bank. He also told employees in a memo that the bank's board last week, "unanimously endorsed our business model, strategic direction and the team," at its regular meeting on Jan. 28.

The moves are Lewis' latest effort to convince employees, investors and the board that he and his management team can lead it out of its current crisis.

Lewis purchased 200,000 shares for $958,340 on Wednesday, according to a filing with the Securities and Exchange Commission on Thursday. It's the second time in recent weeks that Lewis has pumped his own money into the Charlotte, N.C.-based bank. Two weeks ago, he bought 200,000 shares for $1.2 million.

The filing came as the Bank of America's shares rebounded from a 25-year low Thursday afternoon, following other financial stocks higher as reports surfaced that the government may modify accounting rules that have been blamed for contributing to banks' troubles.

Shares of Bank of America rose 14 cents, or 3 percent, to close at $4.84 on Thursday. Earlier in the day, shares had tumbled as much as 20 percent to $3.77—a level not seen since 1984.

Bank of America shares [BAC 6.25 1.41 (+29.13%) ] rose over 10 percent in early morning trading Friday.

Get Real-Time Quotes for Bank of America
The bank's shares have been pummeled in recent days following the disclosure of the bank's first quarterly loss in 17 years and mounting concerns about its recent Merrill Lynch acquisition. There's also unrelenting concerns that the government's future plans to help prop up banks could hurt shareholders.

Last week, Lewis went before his directors in Charlotte for "the longest board meeting in anyone's memory," he told employees in the memo issued Monday.


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Some analysts said Lewis' job might be on the line, but lead director O. Temple Sloan Jr. later issued a statement of support for the bank's management team.

In the memo, Lewis called the company's performance in January "encouraging." The "extreme dislocations in the capital markets we suffered last quarter seem to have moderated" but "credit costs continue to be a big issue."

He also acknowledged employees are disappointed about cuts to their bonuses. He noted that higher-ranking executives are taking deeper reductions and that neither he nor his top lieutenants are receiving payouts for 2008, according to the memo.

Investors have been extremely anxious ahead of President Barack Obama's unveiling next week of a new framework for spending what's left of the $700 billion financial bailout which Congress created last year. Investors fear that the administration's moves could hurt shareholders by diluting the value of their stock.

Bank of America has already received $45 billion in government aid, including a $20 billion injection last month to help it absorb losses from its Jan. 1 acquisition of brokerage Merrill Lynch.

On Thursday, Bank of America spokesman Scott Silvestri declined to comment on the stock price, the likely effect of a new rescue plan or calls for management changes.

© 2009 CNBC.com
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Free Muney
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running back up a little for close... good sign.

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Contrarian views always appreciated.... :p

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IMAKEMONEY
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Bank Of America President Moynihan Buys 10,000 Shares >BAC

Feb 6, 2009 15:20:06 (ET)


Bank Of America Corp. (BAC) President of Global Banking and Wealth Management Brian T. Moynihan bought 10,000 shares of company stock on Friday.

According to a filing with the Securities and Exchange Commission, Moynihan bought the shares for $6.14 each, giving him direct ownership of 343,607 shares of the Charlotte-based financial-services firm.

Moynihan, the replacement for former Merrill Lynch & Co. Chief Executive John Thain, also bought 20,000 shares Thursday and 30,000 shares last month.

Director Thomas M. Ryan reported buying 25,000 Bank of America shares on Friday for an average price of $5.62 each.

Shares of Bank of America traded late Friday at $6.12, up 26%.

-By Yogita Patel, Dow Jones Newswires; 202-862-1343; yogita.patel*dowjones.com

(END) Dow Jones Newswires

February 06, 2009 15:20 ET (20:20 GMT)

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LIFE IS 10% HOW YOU MAKE IT AND 90% HOW YOU TAKE IT!

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invester
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Bought more Leaps today. It looks like its already gapping for Monday.
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a surfer
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Dad made 40 grand on RF today.

http://stockcharts.com/charts/gallery.html?rf

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T e x
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nice day

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Nashoba Holba Chepulechi
Adventures in microcapitalism...

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invester
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Nov.7th $20.47
Dec.8th $17.50
Jan 8th $15.50
Feb.4th $3.77?????

I think $15 within a couple of weeks. Its back over $5. Institutional money will be pouring back into this.

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invester
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Oct. 1st. $38.25
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IMAKEMONEY
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Oct. 1st. $38.25 Dont think ill hold that long but sure would be nice!

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LIFE IS 10% HOW YOU MAKE IT AND 90% HOW YOU TAKE IT!

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invester
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quote:
Originally posted by IMAKEMONEY:
Oct. 1st. $38.25 Dont think ill hold that long but sure would be nice!

Oh, I know. I'm just giving a little perspective on the value here.
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invester
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$6.75 HOD
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invester
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$6.83
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invester
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$6.97
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invester
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Tim Geithner to appear on CNBC at 12pm eastern time to talk about the bailout. BofA already stated they didn't need any more TARP. If all goes to plan, this will break $10 shortly.
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sju1973
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7.03 Whooo Hoo [Smile] Rock N Roll!
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invester
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Look at these assets. ABN Amro, Country Wide, Merrill Lynch, and then Bank of America itself. It also has $6.55 a share in cash. This should have a $150 billion market cap easily.


Company Background
Bank of America Corporation is a bank holding company. Through its banking subsidiaries (the Banks) and various non-banking subsidiaries throughout the United States and in selected international markets, Bank of America provides a diversified range of banking and non-banking financial services and products through three business segments: Global Consumer and Small Business Banking, Global Corporate and Investment Banking, and Global Wealth and Investment Management. It operates in 32 states, the District of Columbia and 30 foreign countries. In the United States, it serves 59 million consumer and small business relationships with 6,100 retail banking offices, 18,500 automated teller machines and 24 million active online users. It offers services in 13 states. In October 2007, it acquired ABN AMRO North America Holding Company. In July 2008, it acquired Countrywide Financial Corp. In January 2009, Bank of America Corporation announced the purchase of Merrill Lynch & Co., Inc.

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Free Muney
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invester, i am currently holding a ton of bac for the stimulus announcement for the record. BUT, in an effort to remain objective, i worry that the acquisitions are as much of a detriment as they are valuable...all of bac's acquisition's namely Merrill and COF were companies that were bleeding bad. and now they are bleeding on bac's books... so unless this stimulus actually in one fell swoop solves banks problems(not likely) it could seriously devalue bac's share price(as well as absorb some of the cash on hand, assets, etc). In addition, being as large a company as bac is, problems with its new companies will take considerable time to repair and coordinate with bac's current operations to create synergy and profitability in the future.
Increasing exposure during this massive banking debacle could end up being costly in the near term is all i'm trying to say. Disagree?

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invester
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quote:
Originally posted by Free Muney:
invester, i am currently holding a ton of bac for the stimulus announcement for the record. BUT, in an effort to remain objective, i worry that the acquisitions are as much of a detriment as they are valuable...all of bac's acquisition's namely Merrill and COF were companies that were bleeding bad. and now they are bleeding on bac's books... so unless this stimulus actually in one fell swoop solves banks problems(not likely) it could seriously devalue bac's share price(as well as absorb some of the cash on hand, assets, etc). In addition, being as large a company as bac is, problems with its new companies will take considerable time to repair and coordinate with bac's current operations to create synergy and profitability in the future.
Increasing exposure during this massive banking debacle could end up being costly in the near term is all i'm trying to say. Disagree?

If you were to listen to the interview with Maria Bartiromo, he stated "Country wide financial is on Fire with there business" his words not mine. He also stated that Merrill Lynches question was a good thing. I happen to agree with him. They have an asset base over $1.6 trillion. Its the best brokerage firm in America. The problem with most Americans is that we are not forward looking. We’ve hit a major bump in the road, but to own the biggest and best brokerage firm and mortgage giant in 2 years will be HUGE for BofA. Ken Lewis also said that he doesn't need any more tarp, and has plans to pay back the existing loan in under 2 years. I think he's a pioneer, and shouldn't be condemned for a mere mark to market accounting flaw. BofA is for me.
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invester
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Merrill lynches acquisition that is. LoL
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invester
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BofA does business with 50% of Americans in one form or another. Again, Ken Lewis’s words not mine. This will be the preeminent brand not just in the short term, but 50 years out. Be forward looking, not sedentary or backwards. This stock is a gift at these prices. You’re in a spooked environment. Everyone saw what happened to AIG's common, and thinks that’s going to happen to BofA. Based on every piece of information I have received, and that Ken Lewis is openly saying, this one is worth $25 or so. Put the puzzle together. R/E/A/D
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