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Reload this Page Bank Of America Down 29% today (Washington: buying, price, money)
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Old 01-20-2009, 03:47 PM
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Default Bank Of America Down 29% today
In less than 1 week Bank of America has lost over 50% of its stock value and closed at 5.10 today. I would have never thought it would go this low.
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Old 01-20-2009, 03:48 PM
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Hope over Fear! When you see news like that, keep in mind that Pres. Obama wants us to not be afraid. Fear not losing your job. Oye. I think I need to start taking prescription meds to have hope in these times.
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Old 01-20-2009, 03:51 PM
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It'll be fine....(sarcasm)
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Old 01-20-2009, 03:56 PM
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Well when the government essentially "bailed them out" last week, they were required to agree to hold dividends to $0.01 for three years!!! WTH!! I'd say their stock price will be pretty much irrelevant for some time. Ain't nobody buying that crap.
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Old 01-20-2009, 04:11 PM
LLN
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Originally Posted by Carolina Blue View Post
Ain't nobody buying that crap.
I don't get it. If you want long term investments, which most stocks should be, anyway, why is now not a good time to buy? The government has sunk a bunch of money into the bank, I can't see it going under.

If people want immediate gratification, they should go to the peep show!

Sell high, buy low, I thought the saying went.

lln
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Old 01-20-2009, 04:41 PM
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Originally Posted by LLN View Post
I don't get it. If you want long term investments, which most stocks should be, anyway, why is now not a good time to buy? The government has sunk a bunch of money into the bank, I can't see it going under.

If people want immediate gratification, they should go to the peep show!

Sell high, buy low, I thought the saying went.

lln
Excellent points, except that we're talking about a bank stock. There are plenty of people who bought Wachovia and Washington Mutual low thinking, hey what a great price, and, well...you know.
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Old 01-20-2009, 04:43 PM
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Quote:
Originally Posted by LLN View Post
I don't get it. If you want long term investments, which most stocks should be, anyway, why is now not a good time to buy? The government has sunk a bunch of money into the bank, I can't see it going under.

If people want immediate gratification, they should go to the peep show!

Sell high, buy low, I thought the saying went.

lln

You're absolutely right EXCEPT for one small detail. There's quite a spread between buying at $5.00 and $1.00! In other words what makes a 50% decline so important? Why not another 80% drop?
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Old 01-20-2009, 04:49 PM
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Originally Posted by johne482 View Post
You're absolutely right EXCEPT for one small detail. There's quite a spread between buying at $5.00 and $1.00! In other words what makes a 50% decline so important? Why not another 80% drop?
You are right it could go lower.. But thats the nature of stock markets. And BAC is a bit different than Wachovia and WM, WM was crap.. Not too many people can afford to BAC, also Wachovia got $7 a share in the end, not too shabby. Not giving any advice, but it's not all the sky is falling...... ... yet.
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Old 01-20-2009, 04:54 PM
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How about the DOW today?
Down 332 to 7949!
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Old 01-20-2009, 05:05 PM
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Not tooo happy with with BAC stock price today since I own it....
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