AOL Money & Finance

dick bove posts

Feed

Ken Lewis' successor could be... Ken Lewis?

In the past, I've covered Rochdale Securities analyst Dick Bove's inane ramblings about how fantastically awesome Bank of America (NYSE: BAC) CEO Ken Lewis is. Last month he called Mr. Lewis "phenomenally good" and his notes to investors are beginning to have more in common with 12-year old girls' Valentines to Zac Efron than conventional research.

But he has outdone himself this time. While Bank of America's chairman of the board goes on a cruise instead of devoting all his energy to finding a successor, Mr. Bove has found the solution to replacing Ken Lewis: "In sum, Mr. Lewis was a key architect in the creation and management of Bank of America. He knows this company better than anyone else and he knows how to operate it," Bove wrote in a research note issued this morning. "At this point in the company's history, this is the type of leader needed. Convincing him to return would be the biggest morale builder that management could get."

Continue reading Ken Lewis' successor could be... Ken Lewis?

Closing Bell: The dollar-stock relation cuts both ways (AMZN, BCRX, XOM, FNM, FITB, GLD)

Today started out higher for stocks, but then the US Peso came into play. Shares have been the beneficiary of a weakening dollar, but then the currency bears started to cover the position. There is talk that some foreign central banks intervened to halt the rise of their own currencies, although whether or not that was the case may not be known.

Here were today's unofficial closing bell levels:

Dow 9,867.81 -104.37 (-1.05%)
S&P 500 1,066.98 -12.62 (-1.17%)
Nasdaq 2,141.85 -12.62 (-0.59%)

Top Analyst Calls
Top Stock/Market Rumors
Top Day Trader Alerts

Continue reading Closing Bell: The dollar-stock relation cuts both ways (AMZN, BCRX, XOM, FNM, FITB, GLD)

Closing Bell: Rally reality check (AMGN, BAC, SVNT, WMT, YHOO)

Today was a negative market from the start of trading, and the economic data just confirmed the selling, as hunting for green shoots looked more like hunting for four-leaf clovers. It seems that those analysts and economists saying that the market has risen too far and too fast are getting some more ears than in recent weeks.

The housing data showed a dip after two months of rising data, and the New York Empire Manufacturing data came in weaker than expected. Even the Iran turmoil after the election failed to rally oil. Here were today's unofficial closing bell levels:

Dow 8,613.04 -186.22 (-2.12%)
S&P 500 923.81 -22.40 (-2.37%)
Nasdaq 1,816.38 -42.42 (-2.28%)

Top 10 Analyst Calls

Continue reading Closing Bell: Rally reality check (AMGN, BAC, SVNT, WMT, YHOO)

Closing Bell: Volatility galore, week ends on huge up-day (FNM, WM, INTC, GE, WMT, S)

This week couldn't really be described as anything short of "volatile as hell." Up Huge, Down Huge, Up Huge! Today was also quadruple witching with options and futures expiration, adding to the volatility. Maybe the market is bottoming and maybe it isn't. Today we had initial weekly jobless claims come in at 378,000, which was slightly more jobless claims than were expected. We also saw February's Leading Economic Indicators come in at -0.3%, which was in-line with estimates and probably a relief it wasn't worse considering it was February data. one bright spot, or less bad spot, was Philly Fed Manufacturing, which posted a slightly better than expected reading of -17.4 for February.

Perhaps the financials should all be thanking Punk Zeigel's Dick Bove who came out again pounding the table this morning calling the situation as "the financial sector recovery is underway." But the real gift can be tied to the Fed as we saw the Fed expand its "allowable securities" that can be turned into treasuries via 28-day swaps to get the garbage off the books. Commodities closed lower on the de-leveraging: Oil closed down again by $0.95 at $101.59 at and even gold traded at $910.10 down $35.20 per ounce late in the day. You can see the market index unofficial closes below:
  • DJIA 12,366.04 (+266.38; +2.20%)
  • NASDAQ 2,258.11 (+48.15; +2.18%)
  • S&P500 1,329.88 (+31.46; +2.42%)
  • 10YR-TBond 3.328% (-0.034%)
  • Major list of 52-week lows.

Continue reading Closing Bell: Volatility galore, week ends on huge up-day (FNM, WM, INTC, GE, WMT, S)

Symbol Lookup
IndexesChangePrice
DJIA-154.4810,309.92
NASDAQ-37.612,138.44
S&P 500-19.141,091.49

Last updated: November 28, 2009: 01:21 AM

BloggingStocks Exclusives

Hot Stocks

DailyFinance Headlines

Latest from BloggingBuyouts

WalletPop Headlines

AOL Business News

BioHealth Investor Headlines

Sponsored Links

My Portfolios

Track your stocks here!

Find out why more people track their portfolios on AOL Money & Finance then anywhere else.

BloggingStocks Partners

More from AOL Money & Finance