Why These Dow Stocks are the Biggest Losers Now: American Express, Bank of America, Kraft
The Dow Jones Industrial Average (NYSE:DIA) is down today 1.20% and stands at 10,527. The stocks below are among the worst performers today.
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American Express (NYSE:AXP): American Express is continuing its decline today after Jeffries reduced the price target from $53 to $50. This reduction came amidst concerns that the credit market will not recover until early 2012, and the impending loss in legal payments from Visa and Mastercard. American Express is down 3.98%.
Bank of America (NYSE:BAC): Deep concerns about the fate of Morgan Stanley has hurt all financial stocks. The cost to insure against default reflects deepening risk for the entire market. Bank of America also continues to draw derision for its new debit card fee. President Obama described the fee as excessive profit-taking, while the American Banking Association blamed the increase on the Durbin Amendment. Bank of America is down 2.62%.
Kraft (NYSE:KFT): Kraft continues its weekly downward slide, as it is beset by a more ominous economic picture and declining margins. Kraft is down 2.18%.