Bank of America (BAC)

[kennynah]

net net...tamadesek lost money, if i didnt read wrongly below...

Temasek Sells Entire Stake In Bank Of America: Reports
5/16/2009 9:16 PM ET

(RTTNews) - The Singapore state-owned fund, Temasek Holdings, has sold its entire 3.8% stake in Bank of America Corp. (BAC: News ), the media sources reported on Saturday. The move follows Temasek's decision to cut its target for planned investments in developed economies and invest more in emerging markets.

Temasek, which reduced its investments by 31% in the eight months through Nov. 30, had spent about $5.9 billion since 2007 buying shares in Merrill Lynch & Co., acquired by Bank of America on Jan. 1 after the stock slid 78% last year.

Last July, Temasek further invested $900 million in Merrill and became its biggest shareholder, with a 13.7% stake. When BofA acquired Merrill on January 1, Temasek converted its Merrill stock into BofA stock and held 188.8 million BofA shares valued at $13.70 each at the time of the merger for a total worth of $2.6 billion.

According to a U.S. filing, the divestment was completed by March 31, and the sale may have raised about $1.27 billion, based on the average price of BofA stock in the first quarter, the reports indicated. The sale would have been worth $2.14 billion at Friday's closing price.

[KimHuat]

I am puzzled? Do Tamadesek know something which we don't know to unload BAC so fast?

[kennynah]

call and ask them

[winston]

net net...tamadesek lost money, if i didnt read wrongly below...

Temasek Sells Bank of America Stake, Looks to China (Update2) By Chen Shiyin

May 15 (Bloomberg) -- Temasek Holdings Pte sold its 3.8 percent stake in Bank of America Corp. at a loss that may total $4.6 billion, as the Singapore state-owned fund shifts bets from Wall Street to emerging markets.

http://www.bloomberg.com/apps/news?pid= ... =exclusive

[helios]

I am puzzled? Do Tamadesek know something which we don't know to unload BAC so fast?

cutting losses, right?

either they dump in more $$$, OR cut loss & move on!!

[iam802]

there is 'no loss'.....

they said they are pursuing other opportunities in emerging markets...

[OE2008]

If you have missed this interview, may want to listen to it. It covers the risks out there. It could also explain (my guess only) Temasek's decision in selling BAC.

http://www.cnbc.com/id/15840232?video=1130083290&play=1

[kennynah]

BAC's technical channel suppport is at ~$10.30 as of today...

i cant see any technical bearishness to this stock at this juncture...

can you point out any tech indicators to contradict my view above? if so, i appreciate your candidness...

thanks in advance...

[iam802]

Tenkan sen maybe cutting Kijun sen (If it cuts, I take a bearish view).

http://stockcharts.com/h-sc/ui?s=BAC&p= ... 4502207019

But, as you said...that could be support level. So, the cut maybe avoided.

[iam802]

Just saw the Weekly Chart as well...

in fact, $10.00 is a resistant for BAC.

So, if I were to trade this counter, I will trade on the downside.