BofA (BAC) Continues Free-Fall As Worries Mount
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Shares of Bank of America (NYSE: BAC) crossed below the psychologically-important $6 per share level intra-day Monday on mounting concerns:
1. Website outage: Bank of America's website has been unstable the past few days, with the homepage and other areas of the site down completely today. This also happened last week. Some are attributing the outage to the negative press about the $5 per month debit card fee, which could be swaying customers to pull money.
2. Eurozone exposure. Analysts at Wells Fargo said BofA has the largest Euro-zone exposure among big U.S. banks. They estimates a reduction to tangible book value of 5% assuming a complete loss on the company's estimated net exposure. While BofA may be in the worst shape among the U.S. banks, the analyst thinks concerns over U.S. bank Euro-zone exposure are overblown.
Shares of BofA last traded at $5.91, down 3.4 percent.
1. Website outage: Bank of America's website has been unstable the past few days, with the homepage and other areas of the site down completely today. This also happened last week. Some are attributing the outage to the negative press about the $5 per month debit card fee, which could be swaying customers to pull money.
2. Eurozone exposure. Analysts at Wells Fargo said BofA has the largest Euro-zone exposure among big U.S. banks. They estimates a reduction to tangible book value of 5% assuming a complete loss on the company's estimated net exposure. While BofA may be in the worst shape among the U.S. banks, the analyst thinks concerns over U.S. bank Euro-zone exposure are overblown.
Shares of BofA last traded at $5.91, down 3.4 percent.
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