Bank of America Corp. is getting ready to announce a big share buyback, according to analysts.
According to Sally Pope Davis of Goldman, Sachs & Co., the buyback could be as big as $10 billion, or 150 million shares, which would be 8.5% of the shares outstanding.
Investors bought shares on talk of a buyback, forcing a brief halt in trading as market makers sought sellers. Bank of America ended the day at $66.1875, off 0.9%.
A spokesman said Bank of America president Ken Lewis told investors at a meeting Thursday that "management would be recommending a capital management plan at the board's meeting in two weeks."