Bank of America

TGIF Market Recap: Salute Your Dilution

   [youtube=http://www.youtube.com/watch?v=kov83AXN1Xs] The Reformed Broker, AKA Professor Plum, here with today’s Market Recap… Today’s won’t be a legit recap as I am out of the office early today on a secret Golfing assignment. The big news today was the post-stress test avalanche of secondary offerings from the banks. Shareholders can Salute their Dilution while jamming…

Market Recap: The Banks!!!

[youtube=http://www.youtube.com/watch?v=5Mum6ggkBJs&feature=related] The Reformed Broker, AKA Nouriel Houdini, here with today’s Market Recap… The news hit this morning that Bank of America (BAC) needs another $35 billion to remain solvent…so how did the market react? We took the money center banks through the f@ckin’ roof! Here’s the 3 o’clock look at the sector: Industry Top Performers…

Dulling the Impact of the Stress Tests

an·ti·cli·max: Something trivial or commonplace that concludes a series of significant events This is not a discussion of whether or not the upcoming 19-bank stress test results are important or whether or not they should have been conducted in the first place.  Instead, the subject I’ll pontificate on here is the masterful dissemination of the potentially disruptive…

Market Recap: Punks Jump Up…

[youtube=http://www.youtube.com/watch?v=dxBvUqLs_eU] The Reformed Broker, AKA Kool G Wrap, here with today’s Market Recap… The Chrysler bankruptcy had virtually zero impact at the open and the Dow quickly gained a triple digit head of steam.  As the day wore on, however, stocks faded and profits were taken.  Speculative juices vanished and as Brand Nubian said, Punks Jumped…

Ken Lewis: Should I Stay or Should I Go?

[youtube=http://www.youtube.com/watch?v=bYxkvAwIjzQ] With Ken Lewis just voted out as Chairman by Bank of America shareholders, how long will he stick around as CEO? With apologies to the late Joe Strummer, here’s Kenny doing his rendition of The Clash’s “Should I Stay or Should I Go?” ____________________________________________ Voters, you gotta let me know Should I stay or…

Market Recap: Explosive Rally…Yawn

The Reformed Broker, AKA Pedro Cerrano, here with today’s Market Recap… Either the bulls brought their “A” Game or the bears forgot to set their alarms, ’cause the action today was up from the open, with the DJIA up roughly 2% all day.  Here’s the 3:30 look at the Dow: As of the close, we…

Morning Headlines: Swine Flu and Stress Tests

I guess there are two big stories competing for everyone’s attention this morning, neither of them positive… First up, it seems that the first confirmed Swine Flu death in the US was reported from Texas. From the New York Times: A 23-month-old child in Texas has died of the swine flu, marking the first confirmed…

Market Recap: Survivability

[youtube=http://www.youtube.com/watch?v=IL0aDXekfyM] The Reformed Broker, AKA Prince Adam, here with today’s Market Recap… Once again, the DJIA shrugged off an overnight triple-digit sell-off in the futures…this must be awfully frustrating for the apocalypse crowd.  I’m trying to stay prepared for the eventual correction of at least some of this rally, but guys who are 100% long right…

Who Else Got Pushed Around by Hank Paulson?

I just sat down and digested the B of A/Merrill Lynch Merger Investigation letter and I felt like I was reading excerpts from a Godfather IV script treatment. Ken Lewis is no innocent, but Hank Paulson comes off like a f@ckin’ psycho in Andrew Cuomo‘s letter to the SEC and TARP oversight committee.  Cuomo basically…

Ken Lewis: They Made Me Do It

The Wall Street Journal is reporting that B of A CEO Ken Lewis testified to NY AG Andrew Cuomo that he was coerced into going through with the Merrill Lynch acquisition by Bernanke and Paulson, of the Fed and Treasury, respectively. Yeah, OK.  From Reuters: The Journal said Lewis testified that Bernanke and Paulson told…