In early trade the stock is up another 20 cents at $12.56.
Here's a short follow-up to the much longer "Betting on a Bank of America Bounce (BAC; XLF)", from MarketBeat:
Morgan Stanley research analyst Betsy Graseck is out with a note Monday saying there’s a “very likely” probability that Bank of America has a good two-month run ahead of it. Here are the catalysts she lays out:
1) Maine State lawsuit dismissed on Nov. 4 (highlighting difficulty of private investors to submit[Translation, investors worries that Bank of America is going to be forced to buy back a load of bad mortgages are likely going to subside a bit after a federal judged dismissed a complaint in a class action suit over mortgage backed securities.]
reps/warranties cases), which we do not believe is yet reflected in the stock price; and
2) improving credit in master trust (next released on November 15th), with [net charge offs] down 174 [basis points] in Sept and total delinquency rates down 230 [basis points] from peak and continuing to improve.
BofA said Friday the court ruled that plaintiffs from the Maine State Retirement System plaintiffs have standing to sue only regarding MBS offerings they actually purchased. The plaintiffs have 30 days to file a second amended complaint consistent with court’s order, according to Dow Jones....MORE