On Thursday, the S&P 500 was down 0.2% and Toronto was about unchanged.
After the news yesterday about most U.S. banks passing stress tests by the FED, Wells Fargo was up 1.2% to $49.10. This stock is up 83% since it was first rated a Strong buy on this site four years ago (February 10, 2010 at $26.88. More impressively it is up 350% since it was first added to this site on February 22, 2009 rated highly speculative Buy at $10.91. It has been somewhat volatile at times. I recall I sold out of it way to early but then got back in heavily and held something of a core position plus added on dips and sold on rallies and have done well that way., though most of my gains came just from the holding, not the trading. Wells has moved up in price since we last rated it (Strong Buy at $46.39). I would guess it would rate perhaps (lower) Strong Buy or at least (higher) Buy it it were to be updated at today’s price.
Bank of America did not do as well in the stress tests. It passed but apparently got its planned dividend hike shaved back a bit. It will raise it dividend from one cent to five cents per share. This is still almost a zero dividend but can be considered a positive step. Bank of America fell 1% today to $17.01. It’s up 112% since we first added it to this site rated Speculative Strong Buy at $8.05 on March 11, 2012. I believe I reported buying it myself at around $9.50 in the spring of 2011 and it subsequently fell under $6. I had bought too much at $10 and was not prepared to load up at the $6 price which was unfortunate. At this time we rate it Speculative (higher) Buy at $17.01 and I do think it is well worth considering. Not as safe as Wells Fargo but quite possibly has more potential to rise in the short term.
I expect to have some updated reports by Sunday.