» Subscribe Today!
More of what you want to know.
The Daily News
X

Forgot your password?
Skip Navigation LinksHome >
VOL. 123 | NO. 222 | Wednesday, November 12, 2008

Sector Snap: Regional Bank Stocks Fall

AP

Print | Front Page | Email this story | Comments ()

NEW YORK (AP) - Shares of regional banks slid Tuesday amid more signs of weakness in the financial sector and a string of bleak corporate earnings reports.

Losses piled up in the broader market as third-quarter reports from companies such as coffee retailer Starbucks Corp. and home builder Toll Brothers Inc. sent a strong signal to investors that few industries are immune to a sharp pullback in consumer spending.

Signs that the credit markets remain tight also discouraged investors. Late Monday, American Express Co. said it received approval to accept deposits and access the emergency government financing that other banks have been using, as the credit card giant looks for ways to diversify its funding base amid the credit crisis.

Citigroup Inc., meanwhile, became the latest major bank to announce a series of initiatives to keep at-risk borrowers in their homes and curtail losses from souring mortgages. The government is working on a plan to help around 3 million borrowers avoid foreclosure, too, but details have yet to be released.

Among the sector's biggest decliners were Sovereign Bancorp Inc., which fell 18 cents, or 6.8 percent, to $2.48 in afternoon trading, and Synovus Financial Corp., which lost 35 cents, or 4.4 percent, to $7.66.

PNC Financial Services Group Inc. dropped $1.82, or 2.7 percent, to $64.95, while U.S. Bancorp shed 75 cents, or 2.7 percent, to $26.76. First Horizon National Corp. slid 15 cents to $10.73.

Bucking the trend was Fifth Third Bancorp, which edged up 2 cents to $10.09.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Sign-Up For Our Free Email Edition
Get the news first with our daily email


 
Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 61 128 13,417
MORTGAGES 87 166 16,872
FORECLOSURE NOTICES 0 0 2,278
BUILDING PERMITS 135 240 28,969
BANKRUPTCIES 54 124 10,071
BUSINESS LICENSES 37 56 4,413
UTILITY CONNECTIONS 83 203 16,524
MARRIAGE LICENSES 22 59 3,532

Weekly Edition

Issues | About

The Memphis News: Business, politics, and the public interest.