As least you were forewarned!
American International Group (AIG 25.07) and Prudential Insurance (PRU 61.67) are the derivative play on BAC's earnings.
And if you are short these numbers, and you don't know why that is, you haven't been doing your homework!
You have can still cover these numbers at these prices, and consider it a gift. Or you can wait until they report and get crushed!
Today anyone short Prudential (PRU 66.68) will get crushed. The company beat numbers, earning $2.02 versus estimates of $1.84 and PRU upped estimates for the year to $7.5-$7.80 versus $7.45 estimates. The conference call is at 11:00 today. Maybe the bears can ask them how they avoided the sub-prime mess!
The stock is still cheap. As advertised!