The price movement for these two this week has baffled me. I thought BAC would get nailed coz of the whole Thain / Cuomo testimony scheduled this week. C has been up for 7 days straight now, and substantially. Why is BAC up too? The numbers used in their profit-declaring news is BEFORE ML writedowns / losses. How do you think both of these could end this week? I’m more interested in views on BAC.
1 - their CEO’s both said the banks have made profit in the first 2 months of 2009 2 - the uptick rule has been reinstated 3 - housing starts increased month over month (i think)
yeah, 1 and 2 were out by monday. i definitely dont believe 1 in BAC’s case (they just reported today that they will pay $45B of TARP by late 2009), because all of their numbers are BEFORE considering ML number. 3 was a more global notion but B/S IMO overall. so, 2 seems to be the real reason to me. good stuff, thanks. let me know if anyone else has another theory.
ok finally some decent info - http://online.barrons.com/article/SB123739146137172035.html