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

Bank of America: Financial Loser

Updated with anannouncement from the MF Global trustee and a report by Credit Suisse.

NEW YORK ( TheStreet) -- Bank of America (BAC - Get Report) was the loser among the largest U.S. financial names Monday, with share dropping 5% to close at $5.49.

The broad indexes were all down over 2% as investors fretted over the expected failure of the congressional super committee to agree by its Nov. 23 deadline, on a combination of spending cuts and tax increases to trim the federal budget deficit.

The KBW Bank Index (I:BKX) declined 3% to close at 36.40, with the 24 index components seeing declines of at least 1%.

Meanwhile, the trustee in charge of liquidating MF Global's brokerage unit of MF Global (MF) following the firm's bankruptcy filing, said that "the apparent shortfall in what MF Global management should have segregated at US depositories may be as much as $1.2 billion or more," which is more than double the original estimate for missing customer funds.

While there was a lack of major news out of Europe, Credit Suisse released a report cheerfully entitled The "Last Days" of the Euro, in which a team of researchers argued that extraordinary measures will be need to be taken in order to avoid "the progressive closure of all the eurozone sovereign bond markets, potentially accompanied by escalating runs on even the strongest banks."

Shares of Citigroup (C - Get Report) were down nearly 5% to close at $25.00.

Large U.S. financials seeing shares dip 4% declines on Monday included Huntington Bancshares (HBAN), closing at $4; Morgan Stanley (MS), at $13.60; and American International Group (AIG), which closed at $91.30.

Large U.S. banking names seeing 3% declines included BB&T (BBT - Get Report), closing at $22.06; Bank of New York Mellon (BK), at $18.42; Comerica (CMA), at $24.09; Fifth Third Bancorp (FITB), at $11.52; KeyCorp (KEY - Get Report), at $6.85; PNC (PNC - Get Report), at $50.97; Regions Financial (RF), at $3.97; and U.S. Bancorp (USB - Get Report), closing at $24.62.

RELATED STORIES:











-- Written by Philip van Doorn in Jupiter, Fla.

To contact the writer, click here: Philip van Doorn.

To follow the writer on Twitter, go to http://twitter.com/PhilipvanDoorn. >.
Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for TheStreet.com Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.

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
BAC $17.77 -0.62%
BBT $40.32 0.12%
C $58.44 -0.03%
KEY $14.75 -0.61%
PNC $97.82 -0.37%

Markets

Chart of I:DJI
DOW 17,598.20 -91.66 -0.52%
S&P 500 2,098.04 -5.80 -0.28%
NASDAQ 5,115.3820 -12.8990 -0.25%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs