AIG: Financial Winners & Losers

Capital One said delinquent accounts, which are late by 30 days or more and are an indicator of future losses, fell to 5.51% in February from 5.80% in January. Still, Capital One shares were down 0.6% to $39.64.

Discover Financial (DFS), meanwhile, gained 0.5% to $15.05 after The Wall Street Journal said the credit-card company will implement a new accounting rule requiring companies to bring their off-the-books securitized loans onto their balance sheet in fiscal 2010.

Discover, which will release its own monthly card metrics later, will bring on its books $21 billion of assets and increase reserves by $2.1 billion as a result of the rule change, according to the paper. Discover will report quarterly results after the close of trading Tuesday.

Monthly credit card delinquency data from American Express (AXP) as well as delinquency data on securitized loans from the large credit card issuing banks Bank of America, JPMorgan and Citigroup will likely be filed later Monday.

PNC Financial (PNC) fell 1.9% to $56.75 after Rochdale Securities analyst Dick Bove cut his rating on the stock to neutral from buy, arguing that the company is facing a difficult year in 2010.

"While management is very positive on its longer term outlook, the challenges this company faces short-term are significant," Bove wrote in a research note."While PNC's loan loss experience is better than that of its peers, there is no indication that loan losses will decline in the first half of 2010. The probability is that they will rise."

-- Written by Robert Holmes in Boston.

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