NEW YORK (TheStreet) -- Bank of America (BAC) was one of the major market movers Monday morning, with the shares rising over 1% to $16.68, on what would have been Merrill Lynch's 100th birthday.
Merrill Lynch was hit hard by the financial crisis and agreed to sell itself to Bank of America on Sept. 14, 2008. The acquisition was completed in January 2009 and Merrill Lynch was merged into Bank of America in Oct. 2013. Charles E. Merrill opened the brokerage firm on Jan. 6, 1914 and his friend, Edmund C. Lynch, joined him a few months later.
News broke late Sunday night that Thomas Chrystie, the Merrill Lynch executive who created the Cash Management Account, died at the age of 80 on Dec. 24 at a care facility in Charleston, S.C. after a lengthy battle with Alzheimer's disease.
Bank of America is expected to be the next major bank to settle charges by the Federal Housing Finance Agency. The case is scheduled to be heard in federal court in Manhattan hears the case in June. The FHFA is looking for approximately $6 billion from Bank of America, Merrill Lynch and Countrywide Financial Corp, which BAC also acquired in 2008.
TheStreet Ratings team rates BANK OF AMERICA CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate BANK OF AMERICA CORP (BAC) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its solid stock price performance, compelling growth in net income, revenue growth, attractive valuation levels and expanding profit margins. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."