National City (NCC) Buyout Rumors Fail To Help Its Stock
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If a bottom is supposedly formed when bad news can't drive a stock down, what happens when a positive rumor fails to boost a stock's price?
Take recent buyout rumors about National City (NYSE: NCC) as an example; National City was mentioned as a target in a recent Punk Ziegel research report speculating that JPMorgan Chase (NYSE: JPM) will likely look to acquire a company within the banking industry. National City would be a "logical candidate" for several reasons: 1. JPMorgan Chase's CEO, Jamie Dimon, has openly discussed expanding its retail presence and 2. National City and Chase are both based in the Midwest.
This would be a great time for Chase to make an offer too: today marks the second day in a row that shares of National City have hit a new 52-week low, moving as low as $16.75 going into the afternoon trading session. Despite the positive rumor talks, shares of National City have not budged, failing to reverse a 15% decline since the Fed's rate cut at its FOMC meeting on Tuesday.
National City Corporation (NCC), a financial holding company, provides commercial and retail banking, mortgage financing and servicing, consumer finance, and asset management services in the United States.
Take recent buyout rumors about National City (NYSE: NCC) as an example; National City was mentioned as a target in a recent Punk Ziegel research report speculating that JPMorgan Chase (NYSE: JPM) will likely look to acquire a company within the banking industry. National City would be a "logical candidate" for several reasons: 1. JPMorgan Chase's CEO, Jamie Dimon, has openly discussed expanding its retail presence and 2. National City and Chase are both based in the Midwest.
This would be a great time for Chase to make an offer too: today marks the second day in a row that shares of National City have hit a new 52-week low, moving as low as $16.75 going into the afternoon trading session. Despite the positive rumor talks, shares of National City have not budged, failing to reverse a 15% decline since the Fed's rate cut at its FOMC meeting on Tuesday.
National City Corporation (NCC), a financial holding company, provides commercial and retail banking, mortgage financing and servicing, consumer finance, and asset management services in the United States.
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