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
Check Out Our Best Services for Investors
Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
Every recommendation goes through 3 layers of intense scrutinyquantitative, fundamental and technical analysisto maximize profit potential and minimize risk.
Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.