Bank Stocks Take a Beating

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Bank Stocks Take a Beating -- Morgan Stanley (NYSE:MS), Bank of America Corporation (NYSE:BAC), JPMorgan Chase & Co. (NYSE:JPM) and Citigroup Inc. (NYSE:C) all suffered pretty heavy losses today.

Bank stocks were hit hard today after negative global economic data was released and also stemming from concerns about the financial reform bill possibly not passing the Senate.

CNN reports that those stocks slid amid renewed concern that the Wall Street reform bill won't be passed in time to make a July 4 deadline, as Republicans rail against a new provision that taxes the largest banks and hedge funds. The addition was tacked onto the bill late last week.

Morgan Stanley (NYSE:MS) shares closed the day at $23.45, down -4.36% or $-1.07 and volume finished at 22.8M shares traded.  Morgan Stanley (MS) shares hit a new 52-week low today of $23.45.  Over the past 12 months Morgan Stanley shares have traded between today's new low of $23.45 and its peak at $35.78.  Morgan Stanley (MS) shares are now trading with a P/E Ratio of 85.2 and EPS of 0.56.

Over the past 12 months Bank of America Corporation (NYSE:BAC) shares have traded between $11.27 and its 52-week high of $19.86.  BAC shares closed the day at $14.57, down  -4.4% or $-0.67 and volume finished at just under 202M shares traded.  Bank of America Corp 's (BAC) current market cap is $146B and its shares are now -36% below its 52-week high.

JPMorgan Chase & Co 's (JPM) current market cap is $147,450,405,104 and its shares are now -30% off from its its 52-week high of $48.20.  Shares of JPMorgan Chase & Co (JPM) have traded between $31.59 and $48.20.  JPMorgan Chase & Co shares are now trading with a P/E Ratio of 15 and EPS of 2.59.

Democrats need 60 votes in the Senate to overcome a filibuster of the measure. With the death Monday of West Virginia Democrat Sen. Robert Byrd, there are now 58 Democrats in the Senate.

CNN also reports that uncertainty tends to hammer stocks, and the financial sector in particular has suffered from the lack of clarity about both potential legislation and the general economic recovery. The finance sector has tumbled 9.3% over the past three months.

Citi stock halted: Earlier in the session, Citigroup (C, Fortune 500) shares plunged by as much as 17% after one trade triggered a five-minute halt in its trading. A New York Stock Exchange spokesman said the trade took place off exchange, via the FINRA/Nasdaq Trade Reporting Facility.

Around 1 p.m., a trade took place valuing Citi at $3.174 when the previous trade was at $3.80, the spokesman said. The sell-off triggered a so-called "circuit breaker" that activates trading halts if a stock moves by more than 10% within five minutes.

Citi trading was stopped in all markets, and the trade in question was removed from the tape, the spokesman said. NYSE doesn't "have any information at this time on the nature of the error, if it was an error."  - More at CNNMoney

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