Markets and financial stocks were down Thursday morning. The Dow dropped 60.61 points to 8,700.81, the S&P 500 slipped 4.65 to 894.59, and the Nasdaq fell 11.87 points to 1,553.61. Financial stocks were mixed but mostly down with Wells Fargo & Co. and U.S. Bancorp getting hit the hardest.
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Wells Fargo was down after CEO John Stumpf said
he could see the bank getting into the housing market.
U.S. Bancorp
will post f
ourth-quarter net credit losses at $1.2 billion. Goldman Sachs Group Inc. is up. The bank is restructuring its compensation program and
may force employees to work an extra five years before becoming eligible for full retirement benefits. Citigroup Inc. is down. The bank announced
plans to expand its business in Central and Eastern Europe even though it is restrucuturing. American International Group Inc. stock is up after CEO Edward Liddy said that
deals were getting closer, but asset sales could be delayed. Reports are that the insurer is slashing prices to win new business, according to
Reuters. Sovereign Bancorp's shares were up after the U.S. Federal Reserve on Wednesday said it had
approved Spain's Banco Santander's purchase of the bank.
Fifth Third Bancorp's shares slipped after Ladenburg Thalmann analyst Richard Bove
cut his estimates as he expects increased loan losses for the bank.
- Maria Woehr
Troubled Wall Street
Prices at 10:00am EST |
| Name |
Price at
open |
Price
at 10:00am |
Change |
Mkt cap |
| J.P. Morgan Chase & Co. |
32.62 |
31.93 |
-1.59 |
119.17B |
| Merrill Lynch & Co. |
13.85 |
13.50 |
-0.60 |
21.59B |
| Goldman Sachs Group Inc. |
70.35 |
72.55 |
1.02 |
28.68B |
| Morgan Stanley |
14.24 |
13.90 |
-0.70 |
14.76B |
| Citigroup Inc. |
8.09 |
7.88 |
-0.42 |
42.94B |
| Fannie Mae |
0.68 |
0.69 |
-0.01 |
742.58M |
| Freddie Mac |
0.71 |
0.72 |
-0.03 |
465.95M |
| Bank of America Corp. |
16.33 |
15.89 |
-0.80 |
79.72B |
| Wachovia Corp. |
5.55 |
5.31 |
-0.37 |
11.47B |
| Wells Fargo & Co. |
28.33 |
27.17 |
-2.02 |
90.34B |
| American International Group Inc. |
1.79 |
1.79 |
0.04 |
4.81B |
| Sovereign Bancorp Inc. |
2.68 |
2.74 |
0.05 |
1.81B |
| National City Corp. |
1.92 |
2.02 |
0.04 |
4.11B |
| Fifth Third Bancorp |
7.54 |
7.47 |
-0.26 |
4.31B |
| Capital One Financial Corp. |
31.32 |
31.06 |
-1.02 |
12.16B |
| SunTrust Banks Inc. |
27.64 |
27.50 |
-0.88 |
9.73B |
| U.S. Bancorp |
26.04 |
25.79 |
-1.88 |
45.25B |
| Regions Financial Corp. |
8.86 |
8.83 |
-0.14 |
6.10B |
| KeyCorp |
8.46 |
8.38 |
-0.26 |
4.14B |
| PNC Financial Services |
51.89 |
52.83 |
0.14 |
18.39B |
| BB&T Corp. |
29.26 |
29.30 |
-0.53 |
16.18B |
| Bank of New York Mellon Corp. |
28.11 |
27.57 |
-1.14 |
31.63B |
| State Street Corp. |
41.03 |
41.90 |
0.14 |
18.09B |
Source: The Deal |
