This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Bank of America Shares Give Bulls Hope

Updated for latest share price, notes Dec. 4 close at $16.28.

NEW YORK ( TheStreet) -- Bank of America (BAC - Get Report) finished Tuesday back above $16, extending a recent rally and offering hope for breakout bulls.

Financials were largely left out of the year-end Santa Claus rally. Though Bank of America shares touched above the $16 mark during three December trading sessions, they closed down on two of them. The stock did finish at $16.28 on Dec. 4 as part of the heavy trading that followed news of its plan to repay $45 billion in TARP funds on Dec. 2, and then the strong pricing of its subsequent equity offering on Dec. 3, but the shares proved unable to hold onto those gains as the year drew to a close, even briefly pulling back to close below $15, where its stock offering priced, on Dec. 17.

On Tuesday, however, Bank of America shares added 51 cents, or 3.3%, to close at $16.20. At that level, the stock was up 7.6% for the year, ahead of its fourth-quarter report, due on Jan. 20, that may show credit costs have peaked, as CEO Brian Moynihan assured colleagues at an event earlier this week.

"The worst is behind us in the sense of credit," Moynihan said on Monday.

The finish above $16 on Tuesday had the stock once again threatening to move more than 5% above its 200-day moving average of $15.57, although the shares were pulling back slightly in early action Wednesday, losing 3 cents to $16.17.
1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
BAC $11.53 -3.80%
AAPL $94.18 -0.10%
FB $103.33 2.30%
GOOG $683.11 -0.15%
TSLA $154.03 7.20%


Chart of I:DJI
DOW 15,660.18 -254.56 -1.60%
S&P 500 1,829.08 -22.78 -1.23%
NASDAQ 4,266.8370 -16.7550 -0.39%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs