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Sheldon Liber Return Risk +2.70% MID Tracked Blogger Profile & Performance Subscribe to author

Symbol Sentiment Start Return Closed WB 01/02/09 -4.87% -- CFC 01/02/09 n/a -- MER 01/02/09 +1.20% -- BAC 01/02/09 +11.82% -- WFC 01/02/09 -36.21% 02/09/09 Via BloggingStocks:   Filed under: Competitive strategy, Bank of America (BAC), Merrill Lynch (MER), Countrywide Financial (CFC), Wachovia Corp (WB), Wells Fargo (WFC), Stocks to Buy, Best Stocks for 2009 We start the new year with the disappearance of two household names in the financial world, Merrill Lynch which sold itself to Bank of America, (NYSE: BAC) fearing the worst of the broadly deteriorating financial markets; and Wachovia that not only feared the worst but lived through it only long enough to be acquired by Wells Fargo (NYSE: WFC). Both transactions completed yesterday while the market was closed. The market has been up all day and both BAC and WFC can be upbeat as two of the world's survivors of the 2008 minefields that blew up some of the largest and most revered names in many generations. The BAC deal propels it to be the No. 1 financial institution in the United States with about $2.7 trillion in assets. Merrill Lynch ends a 94 year run. Earlier in the year BAC acquired Countrywide Financial. These two deals allow Bank of America to stand tall as he largest originator and servicing company for new loans, just when home refinancing may take off based on new lower rates becoming available. It may be able to expand financial services when the world is hoping for even a modest recovery. Continue reading Merrill & Wachovia give up the ghost Merrill & Wachovia give up the ghost originally appeared on BloggingStocks on Fri, 02 Jan 2009 16:40:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments   Read the rest of original post »

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