Stocks sunk Monday. The Dow fell 98.85 points to 8,500.33, the S&P 500 dropped 15.99 points to 874.36, and the Nasdaq decreased by 27.43 points to 1,544.16. Financial stocks were mostly in the negative.
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Morgan Stanley's stock was up, and Citigroup Inc.'s stock was down. A deal between Citigroup Inc and Morgan Stanley for a joint venture of Smith Barney that could range between $2 billion and $3 billion could be announced as
early as this week. Meanwhile, Bank of America Corp.'s stock was down after Citigroup said it expects that the bank will
"slash its dividend to 5 cents from 32 cents," and have losses of $165 billion for 2008-2011. SunTrust Banks Inc.'s stock was down after the SEC ruled that it
could omit a labor proposal that seeks stricter executive
pay limits than imposed by TARP. Teamsters had been pushing the issue. SunTrust Banks shares also were hit after Sterne Agee analyst Adam
Barkstrom
downgraded shares and lowered his target price on the stock by $5
to $30. PNC Financial Services shares are up after the bank announced
a quarterly cash dividend of
66 cents per share on the common stock.
- Maria Woehr
Troubled Wall Street
Prices at 12:00pm EST |
| Name |
Price at
open |
Price
at 12:00 pm |
Change |
Mkt cap |
| J.P. Morgan Chase & Co. |
25.92 |
25.40 |
-0.57 |
94801.88 |
| Goldman Sachs Group Inc. |
83.36 |
80.92 |
-3.00 |
31999.15 |
| Morgan Stanley |
20.08 |
19.79 |
0.73 |
21016.65 |
| Citigroup Inc. |
6.54 |
6.04 |
-0.71 |
32915.22 |
| Fannie Mae |
0.7602 |
0.73 |
-0.01 |
785.63 |
| Freddie Mac |
0.79 |
0.74 |
-0.02 |
478.90 |
| Bank of America Corp. |
12.86 |
12.07 |
-0.92 |
60562.18 |
| Wells Fargo & Co. |
25.19 |
24.65 |
-0.49 |
81967.27 |
| American International Group Inc. |
1.64 |
1.57 |
-0.05 |
4223.20 |
| Sovereign Bancorp Inc. |
2.89 |
2.84 |
-0.04 |
1885.60 |
| Fifth Third Bancorp |
7.44 |
6.91 |
-0.58 |
3987.20 |
| Capital One Financial Corp. |
29.15 |
28.89 |
-0.44 |
11315.00 |
| SunTrust Banks Inc. |
25.24 |
24.57 |
-0.99 |
8700.46 |
| U.S. Bancorp |
22.6 |
22.19 |
-0.16 |
38934.09 |
| Regions Financial Corp. |
7.21 |
7.10 |
-0.07 |
4912.89 |
| KeyCorp |
7.58 |
7.02 |
-0.56 |
3474.95 |
| PNC Financial Services |
47.38 |
47.80 |
0.45 |
16641.17 |
| BB&T Corp. |
22.99 |
22.66 |
-0.38 |
12519.37 |
| Bank of New York Mellon Corp. |
25.43 |
25.37 |
-0.22 |
29113.76 |
| State Street Corp. |
41.5 |
39.67 |
-1.89 |
17135.58 |
Source: The Deal |
