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Option Update: Bank of America volatility up; purchase of CFC on July 1

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Bank of America (NYSE: BAC) closed at $28.14 Thursday.

BAC aims to complete its planned acquisition of Countrywide Financial (NYSE: CFC) on July 1. BAC announced in January of 2008 the planned acquisition of CFC for 0.1822 per share of BAC for each share they own, $5.13 based on BAC closing share price of $28.14. CFC closed at $4.83.

BAC July option implied volatility of 51 is above its 26-week average of 40 according to Track Data, suggesting larger price fluctuations.

Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com

Symbol Lookup
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DJIA-90.4710,200.79
NASDAQ-15.642,151.26
S&P 500-11.161,087.35

Last updated: November 12, 2009: 03:12 PM

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