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Published November 3, 2008 at 11:41 AM
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Stocks remained mostly flat Monday morning. The Dow was down 4.78 points at 9,320.23, the S&P 500 was down 2.40 points to 966.35, and the Nasdaq was up 6.06 at 1,727.01. News affecting the markets Monday includes the pending presidential election Tuesday and a drop in manufacturing activity. The Institute for Supply Management reported that manufacturing activity dropped to 38.9, which was a larger drop then expected by many economists, according to CNBC.
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Bank stocks remained mostly flat. Bank of America Corp. was sued by Washington on Friday alleging the bank failed to notify the city about fraudulent checks that were part of an embezzlement scheme. There is also news that many Merrill Lynch & Co. brokers could be leaving Bank of America because many are unhappy with the retention bonuses they've been offered. In other news there was another bank failure this weekend. Freedom Bank of Braderton, Fla., is the latest bank to fail. Here is the latest list of failed banks from the FDIC Web site: - Freedom Bank, Bradenton, FL; October 31, 2008
- Alpha Bank & Trust, Alpharetta, GA; October 24, 2008
- Meridian Bank, Eldred, IL; October 10, 2008
- Main Street Bank, Northville, MI; October 10, 2008
- Washington Mutual Bank, Henderson, NV and Park City, UT; September 25, 2008
- Ameribank, Northfork, WV; September 19, 2008
- Silver State Bank, Henderson, NV; September 5, 2008
- Integrity Bank, Alpharetta, GA; August 29, 2008
- The Columbian Bank and Trust, Topeka, KS; August 22, 2008
- First Priority Bank, Bradenton, FL; August 1, 2008
- First Heritage Bank, NA, Newport Beach, CA; July 25, 2008
- First National Bank of Nevada, Reno, NV ;July 25, 2008
- IndyMac Bank, Pasadena, CA; July 11, 2008
- First Integrity Bank, NA, Staples, MN; May 30, 2008
- ANB Financial, NA, Bentonville, AR; May 9, 2008
- Hume Bank, Hume, MO; March 7, 2008
- Douglass National Bank, Kansas City, MO; January 25, 2008
- Maria Woehr
Troubled Wall Street
Prices at 10:30am EST |
| Name |
Price at
open |
Price
at 10:30am |
Change |
Mkt cap |
| J.P. Morgan Chase & Co. |
41.25 |
40.81 |
-0.44 |
152.09B |
| Merrill Lynch & Co. |
18.94 |
18.98 |
0.39 |
30.36B |
| Goldman Sachs Group Inc. |
92 |
93.72 |
1.22 |
37.06B |
| Morgan Stanley |
17.88 |
18.37 |
0.90 |
19.50B |
| Citigroup Inc. |
13.65 |
13.84 |
0.19 |
75.42B |
| Fannie Mae |
0.9682 |
0.93 |
0.00 |
994.82M |
| Freddie Mac |
1.07 |
1.04 |
0.01 |
672.77M |
| Bank of America Corp. |
23.97 |
23.78 |
-0.39 |
119.30B |
| Wachovia Corp. |
6.41 |
6.48 |
0.07 |
14.00B |
| Wells Fargo & Co. |
34.16 |
34.29 |
0.24 |
114.02B |
| American International Group Inc. |
2 |
2.09 |
0.18 |
5.61B |
| Sovereign Bancorp Inc. |
2.84 |
2.79 |
-0.14 |
1.85B |
| National City Corp. |
2.53 |
2.48 |
-0.22 |
5.04B |
| Fifth Third Bancorp |
11.08 |
11.54 |
0.69 |
6.66B |
| Capital One Financial Corp. |
39.2 |
38.96 |
-0.16 |
15.15B |
| SunTrust Banks Inc. |
39.63 |
40.29 |
0.15 |
14.26B |
| U.S. Bancorp |
29.6 |
30.09 |
0.28 |
52.77B |
| Regions Financial Corp. |
10.9 |
11.38 |
0.29 |
7.87B |
| KeyCorp |
12.4 |
12.32 |
-0.09 |
6.09B |
| PNC Financial Services |
66.8 |
66.78 |
0.11 |
23.23B |
| BB&T Corp. |
35.5 |
35.61 |
-0.24 |
19.56B |
| Bank of New York Mellon Corp. |
33 |
32.26 |
-0.73 |
37.02B |
| State Street Corp. |
43.67 |
42.90 |
-0.45 |
18.51B |
Source: The Deal |
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