BofA: Financial Winners & Losers
NEW YORK (
) -- Bank stocks were knocked down for the most part Tuesday as even more depressing news was reported out of the U.S housing markets.
The KBW Bank Index was down 1.6% at 43.82 shortly after midday, as government statistics revealed a large decline in
.
Large banks declined on the news.
Bank of America
(BAC) - Get Bank of America Corporation Report
hit a 52-week-low earlier in the Tuesday's session, despite CEO Brian Moynihan's purchase of 30,000 shares of the big Charlotte, N.C.-based money center bank. Bank of America shares were most recently falling 1% at $12.74.
Morgan Stanley
(MS) - Get Morgan Stanley Report
were also falling 1.83% at $25.25.
Citigroup
(C) - Get Citigroup Inc. Report
shares were also falling 1%, to $3.71, on the news that the big bank was experiencing higher than expected loan delinquencies coming out of its consumer finance arm,
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, as it restructures and downsizes the unit.
Citigroup and Bank of America were the top two volume leaders on the New York Stock Exchange on generally light activity.
Regional bank stocks also followed suit into the red Tuesday, including shares of
Fifth Third Bancorp
(FITB) - Get Fifth Third Bancorp Report
down 3.3% to $13.22,
Snyovus'
(SNV) - Get Synovus Financial Corp. Report
shares were falling 3.2% to $3.15 and
Huntington Bancshares
(HBAN) - Get Huntington Bancshares Incorporated Report
, down 2.9% to $5.22.
Still there were some positive stock moves in the bank sector.
Doral Financial
(DRL)
shares were up 9.5% (the equivalent of 11 cents) to $1.27 on higher than average trading volume of 652,000 shares. Shares of
First Bancorp
(FBNC) - Get First Bancorp Report
of Troy, N.C. were rising 2.2% to $12.50.
--Written by Laurie Kulikowski in New York.
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Laurie Kulikowski
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Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.
