Totally agree. I went to Foxx Business, Fox, and Bloomberg and all are showing it live. I don't care.
It is time to fire Moynihan, lay off the dead weight at the company (at least 50,000 employees to start) to cut expenses. If the business has changed to lower margin and the fed (dodd-frank) will cut into profits, we need to cut expenses at a higher rate. I am also for a complete shake up of the BODs as well. Enough of these losses already. I am not selling (yet) but this performance is not acceptable.
Good luck to all.
I just find it interesting that last year the dividend for the quarter was announced on April 26, 2010 and it has yet to be announced for this quarter and by my recollection, it is May 5th and still no announcement. Just interesting.
Have they announced the dividend for this quarter yet? Is there a potential upside surprise here? I know the Fed stopped an increase earlier. Maybe wishful thinking. Good luck to all.
Main reasons: Commodity Costs driving up prices of raw materials, meats and grains (food costs).
Gas Prices keeping customers away and inability to raise prices due to customer already hurting. Thanks for all input.
Anybody else getting the feeling that we have bottomed and a big move up is just around the corner? Just watching the price movement and it is looking interesting.
Good luck to all.
Get ready for a huge stock buyback. As soon as this MOU is lifted by the idiots at the Fed, BAC will announce a huge buyback of stock. At this low stock price and all of the cash on the balance sheet with all of the asset sales (which may include the BlackRock stake) and earnings improving, I would buy 1 billion of the shares the criminals at the Fed made me issue. The reason the MOU is still in place is because the Feds know why mgt wants this MOU gone. Just my take and I have no inside information, it is just what I would do. After the buyback of at least a billion shares, then I would start thinking of raising the dividend. Peace to all and good luck with your investments.
On a side note, I just purchased my covered June 15 calls (sold at $2.13 and purchased at $0.06) because I think this could happen in the next week or so. The feds won't let them pay off yet, but they will announce they are ready to pay off TARP.
What if the company announces they have raised the money required and have issued non-US backed notes and is ready to pay back TARP? They have the excess cash. What happens to stock price?
Could BAC sell Merrill debt into PPIP to raise capital, take a loss (that should be guaranteed by the government). For example, sell $25B into PPIP at say 30% or $7.5B and get $17.5B in government guarantees for the loss and essentially raise $25B. No conversion of preferred needed and no dilution. I know someone on this board has probably looked into this possibility. Thanks for your responses.