If Bank of America issuing $18.8 billion in shares is positive than I must have missed something in economics class. Doesn't the law of supply and demand work for stocks? Isn't this a huge supply of new stock?
I believe that the issuance is so large that it will have a negative effect on the entire market. I am tempted to short the entire market on this news. However, the issuance could be a while away as they need shareholder approval first.