Bank of America Corp
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Financials : Banks | Large Cap Value
Company profile

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S. Trust, Bank of America Private Wealth Management; Global Banking, which provides a range of lending-related products and services; Global Markets, which offers sales and trading services, and All Other, which consists of equity investments, residual expense allocations and other.

Premarket

Last Trade
Delayed
$27.92
-1.21 (-4.15%)
Bid
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Market Hours

Closing Price
$29.13
Day's Change
0.00 (0.00%)
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Day's High
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Day's Low
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Volume
(Light)
Volume:
8,826

10-day average volume:
56,916,253
8,826

UPDATE: He shorted Tesla for his clients last month -- obviously, it didn't go very well

4:12 pm ET February 13, 2020 (MarketWatch)
Print

By Shawn Langlois, MarketWatch

Whether it be his "Stormy weather in Shortville (https://twitter.com/elonmusk/status/848935705057280001?lang=en)" tweet from 2017, or the saucy "Who likes short shorts? (http://www.marketwatch.com/story/elon-musk-silences-the-critics-but-would-tesla-be-better-off-without-him-2018-07-02)" clip he posted less than a year later, Tesla's Elon Musk clearly relishes mixing it up with the naysayers, of which there are many.

To be fair, betting against Tesla (TSLA) , at least during those turbulent stretches, has paid off handsomely in the past. Not so in January.

Just ask GMT Capital's Tom Claugus about that.

The fund manager, who oversees some $3.3 billion in assets, told Bloomberg News (https://www.bloomberg.com/news/articles/2020-02-13/tesla-bruises-another-hedge-fund-with-losses-at-bearish-gmt) that his three Bay Resource long-short equity funds shed about 10% each, pulling back as its short positions were rattled by Tesla's 55% rally.

That's Claugus, who acknowledged Tesla is doing "a really good job getting to sustainability," standing by his bearish stance on the stock price.

As Bloomberg points out, Claugus is not alone with all that red ink. Other hedge-fund notables, such as David Einhorn and Crispin Odey, have been caught wrong-footed by Tesla's frantic charge to record highs.

Overall, Tesla is the most-shorted U.S. stock, according to S3 data, regaining its position from Apple(AAPL)this month.

Also read:Famed short seller Andrew Left tells MarketWatch why he is betting against Tesla's 'casino' (http://www.marketwatch.com/story/tesla-casino-lures-back-famed-short-seller-2020-02-04)

Claugus has been short Tesla for years, and the position currently makes up more than 4% of his portfolio. But he was stung by more than just Tesla, he said. Long positions in the oil and gas and materials sectors also went against him.

"The coronavirus is hitting anything that's cyclical and economically sensitive, so it's sort of a worst of all worlds for us," Claugus told Bloomberg. "When markets get this overheated I think it's a very risky period. The run-up has lasted for a long time and is turning into a little bit of a speculative bubble."

On Thursday, Tesla shares bucked declines on the Dow and the S&P 500 to push nearly 5% higher after announcing plans (http://www.marketwatch.com/story/tesla-stock-falls-after-company-unveils-plan-to-issue-about-2-billion-of-stock-2020-02-13) to offer about $2 billion of common stock in an underwritten deal,

-Shawn Langlois; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

February 13, 2020 16:12 ET (21:12 GMT)

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