Impressive! Bank Of America Sells $13.5 Billion In Common Stock

Investors may not be crazy about the dilution, but you have to be impressed at Bank of America (BAC) which managed to raise $13.5 billion after hours in a massive common stock sale.

The challenged bank sold 1.25 billion shares at $10.77 a pop.

The stock actually ticked up after hours. Despite the dilution, the fact that they moved so much stock is a decent indicator of real money out there willing to come into banks. Or to put it another way, this is not just short covering/quantitative trading magically pushing the stock higher, as the whole rally has been described.

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