The Bank of America "Sell Hoff" (NYSE: BAC)

NEW YORK- Bank of America shares are currently off 0.41% after being down nearly 2% earlier in the day. A "sell hoff" is Wall Street jargon for an illegitimate hoax sell off. The bank headquartered out of Charlotte North Carolina posted $3.1 billion of profit or 27 cents a share not including the $10.4 billion for the impairment of good will. With this charge the bank lost $7.3 billion. The bank saw its tier 1 common equity ratio rise to 8.4% and improved its tangible book value to $12.94 a share from $12.14. BAC also said non performing loans declined. Despite this positive news the stock is still currently down on the day.