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Bank of America Options Spot-On: On July 26th, 145.64K Contracts Were Traded, With 3.19 Million Open Interest
Dividend Roundup: Wells Fargo, General Motors, Merck, Delta Air Lines, and More
Bank of America said that the economic downturn will further weaken the bullish momentum of large technology stocks.
Michael Hartnett of Bank of America warned that if the US economy continues to cool, there is a risk that the rise of large US technology stocks will further recede. The strategist is bullish on the bond prospects in the second half of 2024, and has said that signs of an economic slowdown will drive funds into stocks that have underperformed high-priced large-cap tech stocks so far this year. In his Friday report, Hartnett said recent data has shown that the global economy is “ailing,” and it is only a bad non-farm payroll away from losing its dominance over large tech stocks. As investors flock to small-cap stocks, they are betting that the Federal Reserve may act soon.
Cumulative shareholding value reached $2.3 billion! "Stock God" Buffett has been selling Bank of America (BAC.US) for 6 consecutive days.
Warren Buffett's core conglomerate has been reducing its shareholding in Bank of America for six consecutive trading days.
Berkshire Is Quickly Cutting Its Stake in Bank of America. More Sales Could Be Coming
6 days of consecutive sales! Berkshire Hathaway has a record amount of cash in hand, but remains steadfast in its shareholding of beloved Bank of America.
Some analysts believe that Buffett's shareholding reduction in Bank of America may be related to concerns about valuation. The current price of Bank of America has been getting closer to the level before the plunge of the US stock market in early 2022. In addition, tax rates may also be a possible reason. Regardless of the reason, based on Buffett's style, once the shareholding reduction starts, it will last for a considerable period of time.
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