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Bold Day for Bank of America — Thursday’s IP Market Recap

BAC shares clear $6 for first time in months

   
Bold Day for Bank of America — Thursday’s IP Market Recap

IPMarketRecap Bold Day for Bank of America    Thursday's IP Market RecapBank of America (NYSE:BAC) has to be loving 2012 so far.

The much-maligned financial stock of 2011 led big U.S. banking stocks to a strong showing Thursday that saw BAC shares rise above the $6 mark for the first time since early November. Bank analyst Nancy Bush told Reuters that upbeat job data and the possible anticipation of positive mortgage-related news propped up the bank’s shares.

BAC stock popped about 8.6%, putting the stock up more than 13% in the new year. Its giant American rivals enjoyed modest gains too, with JPMorgan Chase (NYSE:JPM, +2.1%), Wells Fargo (NYSE:WFC, +1.6%) and Citigroup (NYSE:C, +1.2%) all up on a flat day for the markets.

A few automakers also pushed forward Thursday as data continues to roll out from 2011 auto sales. The Detroit “Big 3” were all profitable for the first time since 2004, with Chrysler posting a 37% sales pop in December and Ford (NYSE:F) and General Motors (NYSE:GM) posting more modest, but strong, gains. GM was up almost 5%, and F shares gained about 2.6% Thursday. Volkswagen (PINK:VLKAY) also got a decent 1.5% boost, as it saw a monthly sales increase of 31%.

Dendreon (NASDAQ:DNDN) made waves as one of the biggest market movers of the day, gaining almost 40% on better-than-expected sales of its cancer drug Provenge. The company reported $82 million in fourth-quarter Provenge sales, and DNDN shares reached their highest price in two months.

Three Up

Three Down

As of this writing, Kyle Woodley did not hold a position in any of the aforementioned stocks. Check out our list of previous IP Market Recaps.


Article printed from InvestorPlace Media, http://investorplace.com/2012/01/bank-of-america-bac-ford-gm-dendreon-siri-acom/.

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