On Wednesday's Fast Money, CNBC on-air editor Charlie Gasparino broke big news about BofA. He told the desk that Bank of America is going to repay $45 billion and get out of the TARP program.
And to do it, Bank of America will use $26.2 billion in available cash and will also sell $18.8 billion in preferred stock - with the offering coming on Monday, Gasparino said.
That's a major shift. How should you game it?
"If there is any kind of equity offering I would be a buyer of that offering," said Fast Money trader Joe Terranova. "BofA sets up nicely going into 2010. I think these developments give investors more reasons to be a fan of Bank of America."
And if you're an individual investor who doesn't have access to buying preferred shares, Terranova had another trade - and it's simple. "I think you can just get long, it should go above $20."
Or if you want to play the announcement more broadly Steve Grasso added "(in the morning) I think the move is seen as a positive by the market."
And on a related note, Pete Najarian told the desk -- I think Wells Fargo is next. They also want to get out of TARP.