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Bank Watch: Morgan shares end up and PNC shares slide

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Published December 17, 2008 at 5:58 PM
Stocks fell on Wednesday. The Dow slipped 99.80 points to 8,824.34, the S&P 500 fell 8.76 points to 904.42, and the Nasdaq dipped 10.58 points to 1,579.31. Financial stocks ended mostly down with PNC Financial Services the hardest hit.

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PNC launched a $2.9 billion, three part debt sale. The bank also announced a decrease in its prime lending rate of 3.25%. The Bank of New York Mellon Corp. was down. The bank also reduced its prime rate to 3.25%. Citigroup Inc.'s stock was down after the bank pushed back the merger of two Japanese units until 2010 to delay integration costs. Meanwhile, Morgan Stanley may have reported a quarterly loss, but its stock ended the day up. Goldman Sachs Group Inc. stock was up. The bank agreed to sell its stake in Sanyo Electric Co. to Panasonic Corp. - Maria Woehr

Troubled Wall Street
Prices at close
Name Price at
open		 Price
at close 		Change Mkt cap
J.P. Morgan Chase & Co. 31.5 31.86 -0.49 118912.91
Merrill Lynch & Co. 12.64 12.55 -0.40 20076.64
Goldman Sachs Group Inc. 75.33 78.78 2.78 31152.91
Morgan Stanley 15.52 16.50 0.37 17522.72
Citigroup Inc. 8.11 7.83 -0.40 42669.90
Fannie Mae 0.72 0.69 -0.04 742.58
Freddie Mac 0.73 0.71 -0.02 459.48
Bank of America Corp. 14.82 14.62 -0.48 73357.01
Wachovia Corp. 5.74 5.88 -0.02 12706.19
Wells Fargo & Co. 29.2 29.98 0.20 99690.82
American International Group Inc. 1.75 1.75 -0.05 4707.39
Sovereign Bancorp Inc. 2.95 3.02 -0.04 2005.11
National City Corp. 1.88 1.78 -0.15 3624.20
Fifth Third Bancorp 7.36 7.51 -0.48 4336.55
Capital One Financial Corp. 28.85 29.47 0.01 11542.17
SunTrust Banks Inc. 29.57 29.37 -0.63 10400.19
U.S. Bancorp 25.63 25.20 -0.87 44215.37
Regions Financial Corp. 8.59 8.77 0.07 6068.45
KeyCorp 8.66 8.33 -0.35 4123.42
PNC Financial Services 48.45 45.98 -3.22 16007.55
BB&T Corp. 29.15 30.24 0.54 16707.22
Bank of New York Mellon Corp. 28.44 28.00 -1.04 32131.86
State Street Corp. 38.85 40.31 1.39 17412.03
Source: The Deal


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