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Updated from 2:51 p.m. EDT
Financial stocks wavered around the flat line Thursday morning before sinking into the red, even as volume exploded at Countrywide (CFC Quote) on news of an investment by Bank of America (BAC Quote).
Countrywide shares had rocketed in after-hours trading Wednesday and premarket action this morning, before cooling off to a 0.9% gain, after BofA bought $2 billion in nonvoting convertible preferred stock. Countrywide was upgraded at both Wachovia and Friedman Billings, each of which said the infusion will substantially help the mortgage lender.
Shares of Countrywide closed at $22.02. BofA closed up 18 cents to $51.83. ...
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