Mark Linsz corporate treasurer

JUST NEWS TODAY


*Bank of America ( said late Friday it named Mark Linsz as corporate treasurer, effective immediately, to replace Jeff Brown who is leaving the company. Linsz most recently served as risk executive for global banking and securities with responsibility for managing market risk and capital markets credit risk

*Citigroup Inc. shares dropped Friday evening, piling on to steep monthly declines after the U.S. government agreed to take a greater stake in the embattled firm.

Bank of America Corp. jumped 9.1 percent as Chief Executive Officer Kenneth Lewis

Bank of America Corp. jumped 9.1 percent as Chief Executive Officer Kenneth Lewis said his bank will pass the government’s review of its balance sheet.

“It’s back to the same old concern,” said John Carey, who oversees $10 billion at Boston-based Pioneer Investment Management. “The jury is still out on whether there’s going to be any equity value in these financial companies.”

http://www.bloomberg.com/apps/news?pid=20601087&sid=alhB1Pbm7kK0&refer=home


Bank of America jumped 43 cents to $5.16. CEO Lewis told Bloomberg Television that Merrill Lynch & Co. and Countrywide Financial Corp., the acquisitions that some analysts say helped push down the bank’s share price, have been “stars” so far this year and Merrill will be a “thing of beauty” over the long term.

The U.S. government’s plan to use “stress tests” to review balance sheets of banks won’t pose a problem, Lewis said. The test is “a stress test on top of a stress test,” he said in the interview.

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Natiolalizatoin is not in the plan(He said "we don't plan anything" such as nationalizing U.S. banks, in a way that would wipe out shareholders.)

Bank stocks recovered from an earlier swoon after U.S. banking regulators laid out terms of a stress test program to assess the ability of the largest lenders to cope with the possibility of a deeper recession.

The tests will help determine whether the banks need more government capital injections that could dilute common shareholders. Under an "adverse" scenario, for example, they assume an average unemployment rate of 8.9 percent this year and 10.3 percent for 2010.

"We are getting some of the terms of the stress test, and it seems like it might not be as severe as people might have expected, and that the capital is coming in at a reasonable level," said Blake Howells, vice president in equity research at Becker Capital Management in Portland, Oregon.

"Stocks are reacting in part to the stress test scenario that came out of the Treasury," said Craig Peckham, equity trading strategist at Jefferies & Co in New York. "They're looking at that set of assumptions embedded in the stress test as not terribly challenging. The assumptions ... are relatively the same as what was expected."

Investors also took heart from Federal Reserve Chairman Ben Bernanke's testimony to Congress about bank nationalization. He said "we don't plan anything" such as nationalizing U.S. banks, in a way that would wipe out shareholders.

"Bernanke really backed off on the idea of the government being very active in taking in banks," said Robert Lutts, chief investment officer of Cabot Money Management in Salem, Massachusetts. "He indicated that he was willing to provide assistance, but not necessarily take control, and I think the market kind of responded favorably to that."

bac over ME now

Im a long but the SHORTS your day is today Get ready for the power house to began and wait for the swings.



*For banking stocks, the afternoon rally was paced by U.S. officials unveiling details of how the Treasury plans to convert preferred shares it holds in banks into common stock. As credit spreads were largely unchanged on the plan's details, stock traders chose to move back into bank shares. Gotta love the net

*The Wall Street Journal reported that Bank of America Corporation is looking to sell a private bank it inherited from Merrill Lynch & Co. as the bank tries to preserve capital and possibly shed noncore assets. The private bank, First Republic Bank, was purchased by Merrill for $1.8 billion in September 2007.

*Stock Preacher Issues Technical Trade Alerts on: BAC, BP, BRK.A, C, COP


Ill be back to update later in the day.


Ill feed you baby birds

BAC OFF

Once again I stare into this stock like any other eager money man. But today will be so hott for BAC day traders beware However as normal this is a long term stock that will run the market my end of 2009. Dont forget the January decline of homes down around 5.3% does not help.

Some beaten-down banking stocks soared late Wednesday but closed off their highs after U.S. regulators released limited details of the stress tests being conducted on banks' troubled balance sheets.
The agencies said they expect to complete the assessment process as soon as possible, but no later than the end of April 2009.
U.S. bank stocks were lower at midday Wednesday as investors focused on Congressional testimony from Federal Reserve Chairman Ben Bernanke, who said that the government has no plans to run any of the top U.S. banks.
However, some banking stocks jumped in late-afternoon trading after federal bank regulators announced some of the details of the Capital Assistance Program for financial institutions. The rally lost steam heading into the closing bell.


From MARKET WATCH---- ty GUYS

BAC 2 THE G+FUTURE

BANK OF AMERICA strong enough to buy out all and keeps kicking with spirit. I said it before and ill say it again I love this stock. Many say hold but just as many say Buy so Im going with a moderate buy.

Though we're just getting used to the idea of nationalization, the big banks have had their decision-making processes nationalized for months now. Safe to say the decisions made at big U.S. banks like Bank of America Corp. <-- FROM MWATCH

BUYBUYBUYBUY

LET IT RAIN!!!! BAC

BAC is going up up and away no time to sell!!

HEAVY BUY

5 day and 1 month trend shows this stock regaining strength and when compared to other same stocks they to have the same properties so its a market trend as a whole for BAC. Should hit close to 6.50-7 By Friday