This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Bank of America Shares Give Bulls Hope

Stocks in this article: BAC

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

Jim Cramer and Stephanie Link 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

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, 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
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,672.60 -141.38 -0.79%
S&P 500 2,051.82 -11.33 -0.55%
NASDAQ 4,757.8790 +7.4820 0.16%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs