Bank of America (BAC) NewsBite - BAC Rises on Analyst's Comments
Posted: Wednesday, March 10, 2010 10:11 AM EDT
By: Market Intelligence Center Staff
Bank of America (NYSE: BAC) opened at $17.01. So far today, the stock has hit a low of $16.99 and a high of $17.17. BAC is now trading at $17.16, up $0.36 (2.14%). Over the last 52 weeks the stock has ranged from a low of $4.20 to a high of $19.10. BAC shares are rising with other large banks this morning after Rochdale Securities analyst Dick Bove gave BAC's competitor Citigroup (C) a strong endorsement on CNBC this morning. He said the businesses which Citi plans to keep are all strong, and that the bank could be a strong investment in the long term. This could be a good sign for BAC and other banks, as Bove's comments imply that earnings across the sector should be strong after the first two quarters of 2010. Technical indicators for the stock are bullish and S&P gives BAC a positive 5 STARS (out of 5) strong buy ranking. If you are looking for a hedged play on BAC the stock seems like it could be a candidate for a May out-of-the-money bull-put credit spread below the 15 range. [ABR-Seven Summits Strategic Investments NewsBite]
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