Bank of America (NYSE: BAC) is recently trading at $11.25 in pre-open trading, above its close of $11.25. BAC said it had completed a stock sale that raised $13.5 billion in capital. Since May 8, BAC has sold 1.25 billion shares at an average price of $10.77. BAC June option implied volatility is at 89, July is at 92; below its 26-week average of 103 according to Track Data, suggesting decreasing movement.
Financial Select Sector (NYSE: XLF) overall volatility at 55; 26-week average is 67.
Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com.
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