Merrill Slashes Outlook for Banks

Huntington expects charged-off loans in the range of 0.60% to 0.65% of average total loans and leases this quarter and plans to take a provision charge in excess of charge offs by $55 million to $65 million. It also reaffirmed the target for charge-offs this year saying that the ratio "would be near the high end" of its previous target of 0.60% to 0.65%.

The stock surged 31% on the relatively positive news. Huntington also said its capital ratios were sufficient and its relationship with Franklin Credit Management(FCMC Quote - Cramer on FCMC - Stock Picks) -- a trouble spot for the bank over the past three quarters -- "continues to perform consistent with expectations."

Fifth Third shares were rising 7.2% after a Keefe, Bruyette & Woods analyst upgraded the stock to outperform, citing increased recent interest in the stock.

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