Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Bank of America
So what: CNBC cited a report from analyst Mike Mayo of CLSA in which he contrasted B of A with Wells Fargo
Now what: The report and the ensuing freefall felt eerily like 2008, when fear, leverage, and volatility torpedoed Lehman Brothers. To its credit, management didn't wait for failure to act, responding to Mayo's concern by denying that it would need to raise capital. Bank of America "can go to one dollar and it won't need to raise capital," a company spokesperson said on CNBC. Do you agree? Would you buy at these levels? Weigh in using the comments box below.
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