Bank of America (NYSE: BAC) volatility at five-year highs. BAC purchased $2 billion of preferred stock from CFC on 8/22/07. The securities could be converted into Countrywide Financial (NYSE: CFC) stock at $18 per share. CFC closed at $13.07. BAC November option implied volatility of 29 is above its 26-week average of 22 according to Track Data, suggesting larger risk.
Amex Financial Select Sector (AMEX: XLF) implied volatility at 28; 26-week average is 23.
Daily options Update is provided by Stock Specialist Paul Foster of theflyonthewall.com.
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