Movers: Bank of America, Citigroup, Intel, Johnson Controls
Bank of America (BAC) says in view of severe conditions in markets, economy, the U.S. government agreed to assist in Merrill acquisition by making a further investment in BAC of $20 billion in preferred stock. It says the government has also agreed to provide protection against further losses on $118 billion in selected capital markets exposure, primarily from former Merrill Lynch portfolio. Also cuts quarterly dividend to $0.01. Posts $0.48 fourth quarter loss, vs. $0.05 EPS a year ago, as significant increase in provision for credit losses, other expenses offset 19% revenue rise.
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