Banking, finance, and taxes
Banks Tank, Yet Most Still Above 52-Week Lows (BAC, C, GS, JPM, MS, NTRS, USB, WFC)
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This is obviously one of our ugliest mornings in years with futures trading limit down. What is interesting is that the financial stocks are the most leveraged to this, yet oddly enough most stocks are still above their prior 52-week lows that were put in on other forced selling and panic selling days. These are just the stronger banks and financial firms that are deemed "in the club"of those which have been picked to survive.
- Bank of America (NYSE: BAC) -8.7% at $20.99, 52-week low is $18.44.
- Citigroup (NYSE: C) -9.5% at $11.88, prior 52-week low was $12.00.
- Goldman Sachs Group (NYSE: GS) -11.9% at $95.65, 52-week low is $74.00.
- JPMorgan (NYSE: JPM) -6.7% at $35.30, 52-week low is $29.24.
- Morgan Stanley (NYSE: MS) -14% at $15.50, 52-week low is $6.71.
- Northern Trust (NASDAQ: NTRS) is down 6% at $47.50, its 52-week low is $46.89.
- US Bancorp (NYSE: USB) is down almost 7% at $26.70, 52-week low is $20.57.
- Wells Fargo & Company (NYSE: WFC) -7.25% at $29.05, 52-week low is $20.46.
Jon C. Ogg
October 24, 2008
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