A relatively lengthy post from MarketBeat:
High-frequency trading firms have found a new favorite stock: Bank of America.
A tumultuous month for the banking group, peppered with troublesome rumors, asset sales and an investment from Berkshire Hathaway, have made its shares a more attractive target for trading algorithms designed to capture profits from the tiniest price movements.
Computer-powered traders’ focus on Bank of America has contributed to an explosion in its popularity. Since late July–when its price fell below $10 per share–turnover in the stock has more than doubled, often making it the most-traded security in the U.S.
“We’ve definitely noticed an increase,” said George Hessler, chief executive of Stock USA Execution Services Inc., an electronic brokerage catering to high-frequency clientele....MORE
