'Fast Money' Recap: BofA's Bombshell

To read Jim Cramer's RealMoney take on the Bank of America offering, click here.

Bank of America (BAC Quote) shook up after-hours trading Tuesday with a $8.25 billion equity offering.

The move came after a mixed day of trading which saw the Dow Jones Industrial Average fall 29.23, or 0.34%, to 8,4774.85, while the S&P 500 nudged down 1.58, or 0.17%, to 908.13. The Nasdaq rose 2.18, or 0.13%, to 1,734.54.

David Faber, a CNBC business reporter, confirmed on the "Fast Money" TV show that the bank had offered 825 million shares at $10 a share. He also said the bank is mulling a move to swap preferred stock for common.

With the offering, the bank is pretty far along with its capital raising, he said. According to Faber, a bullish case could be made for Bank of America, whose stock was $6 when the stress tests began and is now selling equity at $10 a share and doesn't need any more capital.

The news of the secondary offering broke shortly after the show began when Melissa Lee, the moderator of the show, noticed that BofA shares were down 4% to 6% on seemingly no news.

A few of the panelists suspected an equity offering might have been behind the decline, but it was not until Karen Finerman got wind of the news from BTIG that details of the offering emerged. If true, she said, it would be an end to the bank's capital raise. She also speculated that a preferred-common swap might also be in the works.

Throughout out the show, the bank had no comment, a position that thoroughly frustrated Jeff Macke, who berated the bank for holding back the news.