Source: CNNMoney
Another trading day and another low for Bank of America's stock.
Shares of Bank of America (BAC, Fortune 500) dropped more than 3% Tuesday, hitting a new 52-week low of $5.03 -- its lowest level since March 12, 2009.
Beyond the S&P downgrade, trading could become even more complicated in Bank of America's stock, if it falls below $5. Under that threshold, many broker-dealers will not allow investors to buy or short a stock on margin, according to a spokesperson for the New York Stock Exchange.
Buying on margin means that an investor can simply put down 50% of the price of a stock initially, and the trading firm advances the rest.
It's been a tough year for the troubled bank, which has seen its share price decline roughly 62% from the start of the year.
Among other challenges, Bank of America has struggled under mounting issues related to its mortgage business.
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