Bank of America's stock fell 5 percent Monday before closing at $5.49 a share, the lowest it's closed since March 2009.
The beating came on a day the market as a whole struggled after news that the congressional supercommittee failed to reach a debt-reduction deal. The Dow Jones Industrial Average fell nearly 250 points, or about 2 percent.
Bank of America's decline was the largest percentage-wise of the large cap banks.
The Charlotte-based bank's shares have fallen more than 60 percent since reaching a year-to-date peak in mid-January.
Monday, November 21, 2011
Bank of America stock closes at lowest since March 2009
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21 comments:
Karma
Really? Lowest since 2009? Where were you in October of this year? Yahoo finance is a free website, only takes a quick second to check your facts.
Anyone who has a 401 k or a single share of any stock should vote against every single incumbent for federal office up for reelection. Both parties are corrupt as heck and they deserve to starve. Instead, they'll listen to Rush or their preacher and vote for the corrupt party of their choice, thus ensuring that nothing in corrupt DC changes an iota.
"Bank of America's decline was the largest percentage-wise of the large cap banks."
Also, care to clarify this statement? As it reads, it is also false (check DB, foreign headquarters, but traded on the NYSE).
To those commenting who obviously work for BofA and surely make plenty of money: You make me sick. I work for BofA and I watch people get cut from week to week, and you have the audacity to try and defend the CEOs who make millions? Brian Moynihan and the rest of them would never take a pay cut to save jobs! Shame on them. Captialism? It's cut throat greed, nothing else. Morale at the bank is in the damn gutter. Does Moynihan care? Hell no. Just remember people that there are thousands of us who work for BofA that are just trying to make ends meet. We are mad as hell too.
Let's see..since 2009 All of America has seen insane amounts of foreclosures, jobs lost, stocks tanking, educational cuts, cities filing for bankruptcy, etc.
Please give us news other than the obvious please!
Anonymous 6:35. I believe the CO's facts are correct. The lowest closing price in 2011 prior to today was $5.53 on 10/3.
Hey anonymous at 7:57....does anyone have a gun to your head forcing you to work at BoA? You made the choice to become an employee there. Not anyone else. You. Stop your whining about those who make "plenty of money" as if they are bad people for earning more than you. You can always try to find a job somewhere else. And if that is next to impossible then how about being thankful that the bank you work for that you hate so much provides a job for you....
Well said! There are some ungrateful idiots out there! There are plenty of unemployed who would love to have their job.
@ 8:13:
That's fine, I'm sure that's their measuring stick, but BAC traded as low as 5:13 in October. Closing price is such a meaningless statistic. If you can't fill an order at that price, what good is it? Orders are filled intra-day.
That's neither here nor there though, I understand your point, but all the people that have purchased shares of BAC this year below today's close would argue that today's close is not "the lowest since 2009. I have a few shares I purchased on 10/3, so I guess my shares don't count.
@ 7:57:
To what persons are you responding? I can't tie your response to any of the previous comments.
These 2 no brainers only comment on Bank Of America. Do either of you have the ability to do some actual investigative reporting? Its too easy to pick on BOA - how about a story with some content, depth, substance. High School level journalism at best!
@6:27 "karma"? Tell that to the hundreds of millions of Americans including yourself who have mutual funds in their retirement and just watched them tank because the whole market took it in the hole today. And as far as BofA almost every mutual fund holder in the country holds BAC. Be careful what you wish for.
When they go they ram almost 400,000 jobs with them. Every vendor that supports them or depends on them will bleed to death. Every American will feel it. This is the bank that has held a steady course through the financial crisis and helped the government and this country by buying Merrill Lynch at their demand.
Typical Charlotte Disturber reporting. lets only put things out there that can make anyone or any company look bad. Keep it up and you will soon have to report on yourself. But before you do that......GET THE FACTS RIGHT
Apparently this low stock price is like a bump in the road. Brian and Warren are watching it carefully and so it will bounce back on the slow side maybe.
Journalist's Civil Rights Complaint Names Bank of America, CA State Bar,CA Attorney General for Violating 1st Amendment Freedom
http://cacorruptionwatch.wordpress.com
@12:18
You either didn't read the case or have no background in the law. The case is completely baseless, the plaintiff wants legal action to absolve them of personal accountability associated with the contract they signed with the underwriter of their mortgage. If the legal system can tear up a legally binding contract because someone agreed to terms they couldn't stomach, then the entire Constitution crumbles. But I suppose she doesn't care about that, it's all about her.
The entire case is rubbish. She got burned, and while she may have agreed to terms that shouldn't have been offered in a reasonable world, she still signed the paper and the law holds sacred the value of contractual agreements unless it can be proven that she signed something that was different than she was explicitly told it was. Read the case, she actually attempts to establish grounds for her suit on the fact that banks other than her lender received TARP funds and she didn't. Only in California could this even make it to paper.
Now, why the stock continues to tank, from the WSJ:
Bank of America Corp.'s board has been told that the company could face a public enforcement action if regulators aren't satisfied with recent steps taken to strengthen the bank, said people familiar with the situation.
The nation's second-largest lender has been operating under a memorandum of understanding since May 2009, following repeated tussles with regulators over the purchase of securities firm Merrill Lynch & Co. and a downgrade of the company's confidential supervisory rating. The memorandum, which isn't public, identified governance, risk and liquidity management as problems that had to be fixed, according to people familiar with the document.
Ken Lewis strikes again.
To 8:13 and 8:21 above. Why don't you go straight to hell. You have no idea what you are talking about. Everyone is happy to have work these days, but laying off the workforce so you can take millions is sickening. It has nothing to do with someone making more money than me or whining, you ignorant replublican bastard. You will split hell wide open for your accusations that you can't back up. Obviously we know what you are.
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