This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Financial Winners & Losers: Nat City

Financial stocks edged higher Tuesday, as stocks like Washington Mutual (WM - Get Report) and National City (NCC) clawed back from Monday's selloff.

Nat City shares were jumping 3.6% after the troubled bank confirmed it had entered memorandums of understanding with the Office of the Comptroller of the Currency and the Federal Reserve Bank of Cleveland. The bank continued to stress that its financial situation is stable and that there haven't been any major changes at the bank since its $7 billion capital raise. Nat City shares rallied 16 cents to $4.63.

Washington Mutual (WM - Get Report) took a 17% beat down on Monday, but ticked up 6.9% to $6.68. Regions Financial (RF - Get Report) bounced back from its 10-year low of $13.96 to close at $14.40, an increase of 0.4%.

Wachovia (WB - Get Report) shares jumped 4.6% to $19.76. Shares rose despite a Morgan Keegan analysts' suggestion that the Charlotte, N.C.-based bank might need to cut its dividend and raise capital. The analyst pointed out that Wachovia's exposure to California and Florida were the reasons for the pressure on the company.

Separately, value manager Third Avenue was adding to its stake in bond insurer MBIA (MBI - Get Report), boosting the stock 2.5% to $5.01. The news follows the recent rating cut by S&P and warning from Moody's Investor Service.

Overall it was a mixed day for financial stocks with the NYSE Financial Sector Index recently gaining 5.72 to 6,888.22.

Lehman Brothers (LEH) continued its slide, as analysts digested the recent loss announcements, crunched their models and downgraded the investment bank. The analysts said they expect the company to lose money in 2008 after forecasting its first-ever quarterly loss and slashed estimates accordingly. The stock fell another 6.7% to $27.50.
1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
JEF $0.00 0.00%
MBI $5.75 -2.21%
WB $16.76 -0.12%
RF $10.27 -1.34%
WM $46.37 -0.30%

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs