There is some recent precedent for a run-up ahead of the quarterly report. Bank of America issued its third-quarter results on Oct. 16. The day before the release, its stock rallied as high as $19.10 in intraday trading. It marked a high point for the shares in 2009, a level not seen since November 2008. Roughly two weeks prior to the third-quarter report, on Oct. 1, the stock had closed at $16.21, a finish that was its lowest since August 12 when it closed at $15.93. The stock then rose in seven of the 10 trading sessions spanning from Oct. 1 through Oct. 15.Analysts polled by Thomson Reuters are expecting Bank of America to report a loss of 50 cents a share in the December quarter, but Wall Street is decidedly bullish on the stock, with 19 of the 25 analysts covering the company rating it at buy (10) or strong buy (9).
Bank of America Shares Give Bulls Hope
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