I've been in and out of BAC since March '09 low and it's been exasperating. Everytime they're ready to take off, they throw another obstacle in their own path and we have to sweat it out yet again to see how the market will react. It's like they're their own worst enemy. Now it's all about July earnings, settlement approval, and foreclosure abuses. Why doesn't Moynihan try to reassure the public? I think that would help.
Agreed. Ultimately BAC will recover...but there's no arguing that the pps is acting like it has a very large boat-anchor wrapped around its neck. Anyone who has any understanding of BAC at all recognizes that this boat-anchor of issues is real and is having an impact. That's just the way it goes until the issues are overcome.
This really isn't new for the stock. I can remember back in the days long before the financial crisis, when the stock price seemed stuck for a long time in the $35 range. People on this board were complaining about that just as they are today. Until the stock began its climb to $55 just before the crisis hit, BAC generally lagged its peers by about 10% in price and the p/e valuation was also lower than its peers.