The Dogs of the Dow
The Dow Jones Industrial Average (NYSEARCA:DIA) is down today 1.26% and stands at 11,892. The stocks below are among the lagging and declining performers today.
Bank of America (NYSE:BAC): A 10Q filing for the Securities and Exchange Commission revealed that Bank of America may issue common stock in order to buy back its preferred stock. Bottom-line: this dilutes the share of current stockholders. Bank of America is justly down 4.05%.
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General Electric (NYSE:GE): This has been a good month for GE, but not for today. General Electric is increasingly being viewed as the company that pays no income tax, although Boeing (NYSE:BA) and Ryder System (NYSE:R) are also guilty of this as well. GE is down 2.22% today.
JP Morgan and Chase (NYSE:JPM): JP Dimon told business school students the following: “In general the big institutions of America let them (the demonstrators) down…America has become more inequitable in the last 10 to 20 years.” A prolonged slowdown may provoke redistributionist policies, perhaps alleviating some social concerns referred to by Dimon but at the same time prolonging the downturn in the process. JP Morgan is down 2.33%.
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