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  • Bank of America Corp. (NYSE:BAC) May Sale its CCB Stake to Avoid Share Sale

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    Thursday June 2, 2011 at 09:26 pm EST
     
    Bank of America Corp. (NYSE:BAC) May Sale its CCB Stake to Avoid Share Sale
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    As per reports from Bloomberg, Bank of America Corp. (BAC) which is facing around $18 billion worth of bills to resolve mortgage and foreclosure disputes, may cover the cost by liquidating its stake in China Construction Bank Corp..

    Instead of selling stock to raise capital, Bank of America could liquidate its 10 percent stake in CCB starting in August, Keith Horowitz of Citigroup said yesterday in a research note. Bank of America owned 25.6 billion shares of CCB valued at $21 billion as of March 31, the firm said in a May filing
    Shares of Bank of America Corp. (NYSE:BAC) closed at $11.29 above support level of $11.2. Major support levels for Bank of America Corp. (NYSE:BAC) below current price are at $11.2 and at $10.84. Resistance levels above current price are at $11.63, $12.35, $13.2 and at $13.58.


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