dick bove posts
FeedPosted Nov 20th 2009 5:00PM by Zac Bissonnette (RSS feed)
Filed under: Bank of America (BAC)
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?
Posted Oct 26th 2009 4:00PM by Jon Ogg (RSS feed)
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 CallsTop Stock/Market RumorsTop Day Trader AlertsContinue reading Closing Bell: The dollar-stock relation cuts both ways (AMZN, BCRX, XOM, FNM, FITB, GLD)
Posted Jun 15th 2009 4:00PM by Jon Ogg (RSS feed)
Filed under: Yahoo! (YHOO), Wal-Mart (WMT), Bank of America (BAC), Amgen Inc (AMGN)
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 CallsContinue reading Closing Bell: Rally reality check (AMGN, BAC, SVNT, WMT, YHOO)
Posted Mar 20th 2008 5:28PM by Jon Ogg (RSS feed)
Filed under: General Electric (GE), Wal-Mart (WMT), Intel (INTC), Sprint Nextel Corp (S), Federal Natl Mtge (FNM),
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)
Closing Bell: Dubai sends jitters throughout the market (S, BBY)
Heinz looking good after the second quarter?
Why isn't Bank of America updating its shareholders on CEO situation?
