Bank of America Says Hasn't Seen Significant Derivatives Losses

Bank of America(BAC Quote - Cramer on BAC - Stock Picks) said this morning it knows of no basis "to support speculative rumors about our operations" and indicated that it hasn't experienced any significant losses in derivatives or other trading activities.

In a statement, the company said "we are conducting business as usual" and added that it "remains comfortable with its guidance for credit quality in 2001 as provided to investors last month."

Shares of Bank of America recently traded down $4, or 7.8%, to $47.50 in New York Stock Exchange activity before being halted.