Bank of America and 2 DJIA Losers Keeping the Dow in the Red
The Dow Jones Industrial Average (NYSEARCA:DIA) is down today by 0.40% and stands at 11,818. These stocks are leading the way down for these reasons:
Bank of America (NYSE:BAC): Another day, another analyst ax to forecasts for big banks (NYSEARCA:XLF): This time, it’s Nomura cutting Q4 earnings estimates for several, citing “the difficult trading backdrop, soft investment banking trends [and] limited expense flexibility.” Share price targets are lowered: Bank of America (NYSE:BAC) to $7 from $8, Citigroup (NYSE:C) to $36 from $38, Goldman Sachs (NYSE:GS) to $130 from $141, and Morgan Stanley (NYSE:MS) to $18 from $20. BAC shares recently traded at $5.03, down $0.17, or 3.27%. They have traded in a 52-week range of $5.03 to $15.31. Volume today was 165,159,784 shares versus a 3-month average volume of 270,976,000 shares. The company’s trailing earnings are $-0.31 per share.
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JPMorgan Chase & Co (NYSE:JPM): The WSJ reports the Fed is expected to accept Basel rules requiring banks to hold more capital. Preliminary estimates put JPMorgan Chase (NYSE:JPM) in the top category, showing it would need to hold 2.5% of extra capital on top of the 7% base all institutions will be required to hold. Citigroup (NYSE:C) also could land in the top bucket. JPM shares recently traded at $30.85, down $1.04, or 3.26%. They have traded in a 52-week range of $27.85 to $48.36. Volume today was 24,848,035 shares versus a 3-month average volume of 46,443,800 shares. The company’s trailing P/E is 6.57, while trailing earnings are $4.69 per share.
American Express (NYSE:AXP): Is also falling in sympathy as bank stocks take a sector beating today. AXP shares recently traded at $46.44, down $0.44, or 0.94%. They have traded in a 52-week range of $41.25 to $53.80. Volume today was 1,819,092 shares versus a 3-month average volume of 8,322,020 shares. The company’s trailing P/E is 11.64, while trailing earnings are $3.99 per share.
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