Updated from 2:13 p.m. EST with new stock prices
The falling major indices, along with downbeat research courtesy of Goldman Sachs, helped to kick most of the financial stocks lower on Thursday.
The NYSE Financial Sector Index gave up 1.6% to 8,286.33 after a Goldman analyst said that effects from the credit crunch have yet to fully play out. That echoes the recent sentiments of a number of other analysts.
Goldman specifically pegged Citigroup's (C Quote) writedowns for collateralized debt obligations (CDOs) at $18.7 billion, according to several published reports, which balloons from the analyst's prior $11 billion projection. And, notwithstanding last month's $7.5 billion cash infusion by the Abu Dhabi Investment Authority, the analyst said those writedowns might force Citi to cut its dividend by 40%. ...
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