S&P 500 Tech and Bank Stocks Decline Worst on Index

The S&P 500 (NYSEARCA:SPY) is down by 0.6% today and stands at 1,318. These stocks are really tanking the index.

E-TradeĀ (NASDAQ:ETFC) experienced unexpected losses in the 4th quarter, and that’s why the stock is the worst performer on the S&P Board. To add salt to the wound, Goldman Sachs downgraded E-Trade from Buy to Neutral. ETFC shares recently traded at $7.92, down $1.44, or 15.38%. They have traded in a 52-week range of $7.42 to $18.13. Volume today was 25,629,845 shares versus a 3-month average volume of 7,035,180 shares. The company’s trailing P/E is 15.52, while trailing earnings are $0.51 per share.

Don’t Miss: Stocks Move Within Shooting Distance of Previous Highs.

SanDiskĀ (NASDAQ:SNDK) Q4 results were so disappointing, it brought the entire tech sector down today. SanDisk’s 2012 revenue forecast was below the consensus. SNDK shares recently traded at $46.70, down $5.64, or 10.78%. They have traded in a 52-week range of $32.24 to $53.46. Volume today was 21,431,557 shares versus a 3-month average volume of 5,438,700 shares. The company’s trailing P/E is 9.49, while trailing earnings are $4.92 per share.

Zion BancorporationĀ (NASDAQ:ZION): It appears that the housing crisis is as intractable as ever, as 2011 was the worst year for home sales…ever. Lenders like Zion were badly hit on the news, and that stock was already reeling from poor earnings and tepid loan volume this week. ZION shares recently traded at $16.51, down $1.01, or 5.76%. They have traded in a 52-week range of $13.18 to $25.60. Volume today was 6,553,168 shares versus a 3-month average volume of 3,560,160 shares. The company’s trailing earnings are $-0.01 per share.

Investing Insights: January 26th Analyst Insights: Green Mountain Coffee, SanDisk, GameStop, Humana.

To contact the reporter on this story: Scott Gillette at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com