Bank of America Posts Lower Profit, Cuts Dividend

[katty]

more: http://www.bloomberg.com/apps/news?pid=20601087&sid=aD1NL1agvVh8&refer=worldwide

Bank of America Posts Lower Profit, Cuts Dividend (Update1)

By David Mildenberg

Oct. 6 (Bloomberg) -- Bank of America Corp. will cut its dividend by 50 percent and plans to sell $10 billion in common shares after third-quarter profit fell 68 percent. The stock fell in late trading.

Bank of America profit dropped to $1.18 billion, or 15 cents a share, in the quarter ended Sept. 30, from $3.7 billion, or 82 cents, in the same period last year, the Charlotte, North Carolina-based company said in a statement.

``These are the most difficult times for financial institutions that I have experienced in my 39 years in banking,'' Chief Executive Officer Kenneth Lewis said in the statement. ``It is prudent to raise capital to very substantial levels in this uncertain environment.''

Bank of America dropped 7.2 percent to $29.91 as of 4:27 p.m. in extended trading. During the regular session, the bank dropped 6.6 percent.

[Newsjock]

1. At 3:27pm ET, CNBC reported ...

... that someone was trying to sell nearly 2 million shares of BofA and could not find a buyer. (They showed the display of NYSE order imbalances.)

I'm sure the SEC will get right on that.

[katty]

2. haha yeah, right on it stat!