Stock Search: Banks Sink
Financial stocks took a dive Monday. Shares of Citigroup ( C), Bank of America ( BAC) and Wells Fargo ( WFC) were all sliding after a Calyon analyst initiated these stocks with an underperform rating and said that loan losses will eventually exceed the Great Depression. The banks were among the 10 most-searched stocks on TheStreet.com Monday. Tim Geithner on Face the Nation this weekend also opened the door to management changes at banks that need more federal assistance. Citi CEO Vikram Pandit and BofA leader Ken Lewis could find themselves in the line of fire.
Let's go to the autos with Ford ( F) and General Motors ( symbol). GM CEO Fritz Henderson announced over the weekend that the company is opening up to the idea of bankruptcy reorganization with protection while it restructures. Ford, on the other hand, reduced its debt by $9.9 billion after it completed a tender offer announced back in March. Shares of both GM and Ford were trading higher today. Alcoa ( AA) is next. The company will kick off earnings season and report numbers on Tuesday. Caterpillar ( CAT) shares took a beating today on negative news about the economic outlook. Cramer owns this stock for his Action Alerts PLUS portfolio. To see how he is trading the stock, email for a free trial now. Over on the tech front, Sun Microsystems ( JAVA) makes the list. The stock plunged today following reports that IBM ( IBM) is withdrawing its offer for the company. Research In Motion ( RIMM) is next. The company's earnings beat the street . RIM delivered a strong quarter, raised its guidance and received multiple analyst upgrades. Rounding out the top 10 is Apple ( AAPL). Barclays upgraded the stock to overweight and raised its price target to $143.