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Banking, finance, and taxes

Everyone Comes to Bank of America’s Aid (BAC)

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By Douglas A. McIntyre Updated Published
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B_of_a_logoBank of America Corporation (NYSE: BAC) is gapping up over 13% this morning.  Keep in mind that there was already a huge recovery from yesterday’s lows that went under $4.00, but this gap-up is on the continued hopes and calls that there will be no nationalization and that the bank will make it.  CNBC’s Maria Bartiromo is also interviewing CEO Ken Lewis later this morning.   

Ladenburg Thalmann analyst Dick Bove, who has a strong buy rating on B of A, said late yesterday in a note that fears of nationalization make no sense.

Ken Lewis and other insiders bought over 300,000 shares of common stock, according to a filing from yesterday.

All of this follows yesterday’s comments from Senator Christopher Dodd who dismissed speculation of nationalization which hadbeen gathering steam all week. 

Shares are up more than 13% at $5.45 this morning and 40+ million shares have already changed hands.  This should be the most activestock today.

Now everyone is just hoping that Meridith Whitney’s phone and computer aren’t working so she can’t kill the momentum here.

Jon C. Ogg
February 6, 2009

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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