Bank of America fell a whopping 18.43% today, hitting a new 52 week intraday low of $7.35 on concerns it is not going to easily be able to digest the merger with Merrill Lynch. I suggest Bank of America has easily bitten off more than it can chew and said so at the time, on September 15, 2008 in Market Votes “No Confidence” In Merrill, Bank of America Merger.
": Bank of America (BAC) was hammered a whopping 21% for its ridiculous offer for Merrill Lynch (MER). Clearly the market thinks Bank of America overpaid and so do I. Merrill Lynch which gapped up to $21 (the offer was for $29), gave every penny of it back and closed at $17.06. It is highly likely that Merrill Lynch would have fallen to $14 or $15 (if not a lot more) in the wake of the bankruptcy of Lehman (LEH).""
Bank of America Threatens Fed, Demands More Cash From Taxpayers | vote tags: Tracking the Vote
Economy | vote tags: Tracking the Vote