OK, I've looked. Here's what this value investor sees:
Stock price: $14.66 pre-market EPS: -0.28 Q1-2010 estimate: 0.08 Q2-2010 estimate: 0.16 2010 estimate: $0.81 Anyone calculating would get a FUTURE PE of 18. Quite high considering the risks ahead.
The tricky part: Assets: $1.82 trillion Liabilities: $1.64 trillion If only the financials were required to mark-to-market, their assets, because I have a feeling that if they were, quite a bit of the assets would disappear. If they really have $87 billion net, then this $125 billion market cap company is a bargain. It is just hard for me to get excited about a company with limited earnings, high risk, and exaggerated books.
Investors will also get quite a shock, when the financials are finally regulated out of their currrent lucrative practice of borrowing free from the FED. transferring bad loans to the Fed, and high-frequency trading the equities markets.
I wonder if any of those "Assets" they book are government bonds from Greece ... they may or may not get reimbursed at full value on those, no matter how they record it on the books.
We all know that the real estate bubble popping caused huge valuation drops in a huge amount of commercial paper. Letting the banks pretend that all that bad paper has value, is the only thing that makes BAC look at all attractive. Anyone buying that smelly story, deserves the losses.