Update: B of A reportedly in talks to buy Countrywide

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Update: Countrywide Financial shares are trading higher on a Wall Street Journal report that Bank of America is in ‘advanced talks’ to buy Countrywide.

Countrywide shares, which closed Wednesday at $5.12, popped as high as $8.91 on the news. At noon, Countrywide was trading at $7.74, a gain of 51% for the day.

A longer version of the story is here, via CNBC.

I’ll update as warranted.

Hat tip: Cal