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Hot Stock of the Day - BAC

May 09, 2009

Bank of America (nyse: BAC) is the largest bank in the USA.

The company reported a quarterly loss in its Q4, 2008 period, the first quarterly loss in the company's history. Hedge Funds used their full force to short this stock like crazy after their earning report. As a result, the stock lost over 80% of its value within one quater from $14.50 to as low as $3.00.

Many analysts, including several famous experts claimed that BAC will go to bankrupt and cannot be touched. But we saw it the rare opportunity to have BAC in our life time and made our bold move instead. We made our first buy at $3.21 on February 20, 2009. Today,the stock closed at $14.19, moved back to where it was before heavy shorting, a gain of 342% in three months.

We also bought C at the same time period. See the Chart: