BofA (BAC) Investors Cheer When CEO Moynihan Shuts Up
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You can almost feel the energy in the air...as soon as Bank of America's (NYSE: BAC) current Chief Exec Brian Moynihan stopped talking. Speaking at the Goldman Sachs Investors Conference in New York on Tuesday, Moynihan highlighted BofA's fourth quarter so far, as well as what management is now seeing in the marketplace.
Some notable points: the trading business is better than in the third quarter, loan demand isn't as robust, and all options are being looked at for the Countrywide business. Click here for more comments from Moynihan.
The most telling sign, however, was when Moynihan concluded his presentation. Shares were flat for several minutes, but then began moving higher through 10:31am ET, at which time the stock hit an intraday high of $5.92. BofA shares proceeded to rise about 2 percent, though the gains have since been pared.
The move may suggest BofA's Board should think twice about possibly giving Moynihan the boot. Whatever golden-parachute compensation package he gets might be worth the effort if shares start back up the long road to the $18-$19 level seen when Moynihan first took over. Surely $100 million -- or whatever the deal -- would be worth doubling the stock, which would add $58 billion to its market cap.
Even Moynihan might agree.
BofA shares last traded at $5.77, down about 0.3 percent from Monday's close.
Some notable points: the trading business is better than in the third quarter, loan demand isn't as robust, and all options are being looked at for the Countrywide business. Click here for more comments from Moynihan.
The most telling sign, however, was when Moynihan concluded his presentation. Shares were flat for several minutes, but then began moving higher through 10:31am ET, at which time the stock hit an intraday high of $5.92. BofA shares proceeded to rise about 2 percent, though the gains have since been pared.
The move may suggest BofA's Board should think twice about possibly giving Moynihan the boot. Whatever golden-parachute compensation package he gets might be worth the effort if shares start back up the long road to the $18-$19 level seen when Moynihan first took over. Surely $100 million -- or whatever the deal -- would be worth doubling the stock, which would add $58 billion to its market cap.
Even Moynihan might agree.
BofA shares last traded at $5.77, down about 0.3 percent from Monday's close.
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