Bank of America (BAC: 16.09 +0.01 +0.06%) is down sharply today on rumors of additional bailout money from Washington.
While I hate to see this kind of action, I don’t see this as bad news for Bank of America. If anything, Washington will be handing the company more money to support the bad chunks of Merril’s (MER: 11.78 0.00 0.00%) business.
I will have a larger update in the next issue of Dividend Superstars. But for now, I don’t suggest making any knee-jerk reaction to the news — either in individual stocks or regarding the broad market.
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