Stocks started out low on Monday. The Dow was down 56.63 at 8,978.06, the S&P 500 fell 3.84 to 927.96, and the Nasdaq decreased 12.31 to 1,619.90. Bank stocks were mostly down amid profit cut loss forecasts made by analyst Mike Mayo at Deutsche Bank AG and concern that the U.S. economy could be in
worse shape heading into 2010.
Continue reading below
Mayo said U.S. banks will face loan losses in 2009. He expects
commercial bank loan losses to spring up from 1.5% to 3% by the end of 2010. Mayo
cut his 2009 profit estimate on J.P. Morgan Chase & Co. to $2.05 per share from $2.70 per share; on Citigroup Inc. 2009 estimates by 30 cents to a loss of $1.00; as well as Wells Fargo & Co. 2009 earnings
estimates to $1.70 per share from $2 per share. All three banks were in the red Monday morning. In other news Morgan Stanley's stock is up even though there are reports that the bank was the
hardest hit by the drop in M&A transactions and has cut its advising fee by half. Lastly, BB&T Corp. stock took a hit even though CEO Kelly King took the reigns over from chairman
John Allison, who retired
Dec. 31. - 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. |
30.73 |
29.96 |
-1.39 |
111.82B |
| Goldman Sachs Group Inc. |
85.81 |
86.70 |
-0.06 |
34.28B |
| Morgan Stanley |
16.83 |
17.11 |
0.12 |
18.17B |
| Citigroup Inc. |
7.14 |
7.06 |
-0.08 |
38.47B |
| Fannie Mae |
0.73 |
0.75 |
0.02 |
807.16M |
| Freddie Mac |
0.73 |
0.75 |
0.02 |
485.37M |
| Bank of America Corp. |
14.38 |
14.09 |
-0.24 |
70.69B |
| Wells Fargo & Co. |
29.69 |
29.16 |
-0.84 |
96.964B |
| American International Group Inc. |
1.7 |
1.67 |
-0.02 |
4.49B |
| Sovereign Bancorp Inc. |
3.03 |
3.00 |
-0.09 |
1.99B |
| Fifth Third Bancorp |
8.37 |
8.30 |
-0.29 |
4.79B |
| Capital One Financial Corp. |
32.35 |
32.35 |
-0.96 |
12.67B |
| SunTrust Banks Inc. |
29.4 |
28.56 |
-1.36 |
10.11B |
| U.S. Bancorp |
25.11 |
24.53 |
-0.72 |
43.039B |
| Regions Financial Corp. |
8.5 |
8.45 |
-0.16 |
5.84B |
| KeyCorp |
8.87 |
8.43 |
-0.44 |
4.17B |
| PNC Financial Services |
48.13 |
47.78 |
-0.81 |
16.63B |
| BB&T Corp. |
26.36 |
25.39 |
-1.34 |
14.02B |
| Bank of New York Mellon Corp. |
28.46 |
27.68 |
-0.84 |
31.76B |
| State Street Corp. |
41.4 |
40.97 |
-0.13 |
17.69B |
Source: The Deal |
