Two days ago, Bank of America (BAC) announced a Q3 bomb and an emergency $10 billion equity offering. The stock, then $33, plunged.
BAC then tried to sell the $10 billion of stock at $28 but was laughed at. After a day of desperate flogging, it finally managed to unload it at a disastrous $22.
And this morning?
The poor suckers who bought at $22 are already looking at a 15%-20% loss. Bank of America’s stock is back below $20.