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Regional Banks Gain Back Some Ground As Fears Subside (SOV, NCC, FITB, RF, BBT)
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After yesterday's severe pounding, on fears of the next bank failure, a number of regional banks are higher today as the fears subside, at least temporarily.
Fears were at a high yesterday following the failure of the banking arm of Wachovia (NYSE: WB), which was sold in an FDIC-assisted fire-sale to Citigroup (NYSE: C). Wachovia had stated time-and-time-again that it was "well capitalized". Wachovia's failure follows last Friday's collapse of WaMu (NYSE: WM) and its FDIC-assisted sale to JPMorgan (NYSE: JPM). In addition, the financial bailout bill, which could have relieved the banks from many troubled assets, failed to gain Congressional approval.
Sovereign Bancorp (NYSE: SOV) fell 72% yesterday from $8.37 to $2.33. Today the stock is recovering some of those losses, adding 72% to $4.00.
National City (NYSE: NCC) fell 63% yesterday from $3.71 to $1.36. Today the stock is recovering some of those losses, adding 36% to $1.85.
Fifth Third Bancorp (Nasdaq: FITB) fell 44% yesterday from $16.16 to $9.11. Today the stock is recovering some of those losses, adding 26% to $11.46.
Regions Financial Corp. (NYSE: RF) fell 41% yesterday from $14 to $8.25. Today the stock is recovering some of those losses, adding 21% to $10.
BB & T (NYSE: BBT) fell 23% yesterday from $40.45 to $31. Today the stock is recovering some of those losses, adding 18% to $36.68.
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