Bank of America Corporation (NYSE: BAC) stock is falling with other banks that wee hours after an analyst at Oppenheimer cut earnings estimates for many major banks, predicting bank losses will be the highest in the past 20 years or more due to greater individual defaults on mortgages and other loans. The analyst cut BAC’s first-quarter EPS estimate to $0.92 per share from $1.01 per share, and cut BAC’s fiscal-2008 estimate to $3.65 per share from $4.10 per share. additionally contributing to the finance woes is Goldman Sach (NYSE: GS)’s news it expects further writedowns. whether you think that stock won’t be rising too far in the coming months, soon after it could be a good

After hitting a one-year high of $53.15 final February, the stock hit a one-year low of $33.12 in January. BAC opened that daylight at $42.27. So far nowadays, the stock has hit a low of $41.77 and a high of $42.50. As of 10:55, BAC is trading at $42.46, down 14 cents (-0.3%). The chart for BAC looks bullish but deteriorating, while S&P gives the stock a positive 4 STARS (out of 5) buy rating.

Continue reading Bank of America (BAC) pushed down by finance woes

Original post by Brent Archer

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