National City Goes with Flow – Zacks Tale of the Tape
Source: http://www.zacks.com/stock/news/14981/National+City+Goes+with+Flow+-+Zacks+Tale+of+the+TapePosted on Tuesday, September 30th, 2008 | In Stocks to Watch
Contributed by: Zacks Market Commentaries (http://www.zacks.com/) -
National City (NCC) is up on its feet today after the Monday mauling. The bank stock has gained around 40% in the morning and is trading at $1.90 — a day after it lost 63% of its stock value.
The bank is benefiting from an across-the-board bounce in financial stocks on hopes for an early bailout. According to an analyst quoted by Bloomberg, the upward curve on Tuesday is a correction as there was no logic behind the plunge to the brink on Monday. Moody’s had weighed downgrading the bank’s rating yesterday.
However, analysts could not put a date as to when the Ohio-based bank could return to profitability. The stock has lost nearly 90% of its value in the last one year.
“NCC” Free Stock Analysis: Buy? Sell? Hold?
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