There’s no question of a double dip for shares of Bank of America.
After financial crisis lows near $3, BAC traded above $15 for over two years. In the past year, however an accumulation of foreclosure-related costs and concerns about capital requirements erased these gains. Today headlines on both front pushed the stock down to $6.42.
Remember, Bank of America traded above $50 just a few years ago.
Although the bank says it has enough capital, analysts say it may need to raise an eye-popping $40-50 billion.