DJIA Losers: Renewed Pessimism Hurts Financial and Energy Stocks
The Dow Jones Industrial Average (NYSEARCA:DIA) is down by 0.83% today and stands at 12,555. Greece is helping drag down these stocks to start the week.
Bank of America Corporation (NYSE:BAC): Renewed concerns about Greece and Portugal are weighing down bank stocks, with Bank of America being particularly hard hit. Goldman Sachs’ decision to downgrade Bank of America from “Buy” to “Neutral” in light of economic concerns about Europe is only exacerbating the problem. BAC shares recently traded at $7.06, down $0.23, or 3.16%. They have traded in a 52-week range of $4.92 to $14.95. Volume today was 139,068,769 shares versus a 3-month average volume of 270,829,000 shares. The company’s trailing P/E is 705.50, while trailing earnings are $0.01 per share.
Chevron Corporation (NYSE:CVX) is down along with other energy stocks on the Dow. For what its worth, Jim Cramer has ranked Chevron a buy. CVX shares recently traded at $102.13, down $1.83, or 1.76%. They have traded in a 52-week range of $86.68 to $110.99. Volume today was 4,008,808 shares versus a 3-month average volume of 8,834,520 shares. The company’s trailing P/E is 7.60, while trailing earnings are $13.44 per share.
JP Morgan Chase & Co. (NYSE:JPM): The NYT reported that the five major banks in the U.S., including J.P. Morgan, have $80 billion in exposure to the GIIPS countries in Europe. That number goes down to $50 billion when CDS insurance policies are baked in. However, it remains an open question whether these insurance policies will mean anything in the event of a financial free-fall. Goldman Sachs moved the stock off its “conviction buy” list. JPM shares recently traded at $36.72, down $0.49, or 1.32%. They have traded in a 52-week range of $27.85 to $48.36. Volume today was 13,091,839 shares versus a 3-month average volume of 38,854,200 shares. The company’s trailing P/E is 8.20, while trailing earnings are $4.48 per share.