Regional bank stocks more settled after wild ride
Business Courier of Cincinnati
Despite the dropping Dow Jones Industrial Average, regional bank stocks seemed to have halted their free fall Friday – although all have lost more than 15 percent of their value since the financial crisis shifted into high gear two weeks ago.
Although the Dow had fallen more than 400 points by midafternoon – and later rallied – on Friday, banks with Cincinnati-area operations were a mixed bag, with some up moderately and others down.
Just for the sake of comparison, here’s a recap of those stock prices as of midafternoon Friday, compared with their closing prices on Sept. 26:
• Fifth Third Bancorp (NASDAQ: FITB) was up 25 cents, to $9.98. That’s down 38 percent from its close of $16.16 two weeks ago.
• U.S. Bancorp (NYSE: USB) was down 60 cents, to $28.33, and down 22 percent from its Sept. 26 close of $36.20.
• National City Corp. (NYSE: NCC), which has been on a roller coaster ride due to speculation that it might be sold, was down 15 cents, to $2, and down 46 percent from $3.71 on Sept. 26.
• PNC Financial Services Group (NYSE: PNC) was up $1.45 to $61.30, having lost 19 percent from $75.50 two weeks ago.
• Huntington Bancshares (NASDAQ: HBAN) was up 21 cents, to $7, and down 25 percent from $9.33 Sept. 26.
• JPMorgan Chase (NYSE: JPM) gained $2.44, to $39.12, and fell 19 percent from its Sept. 26 close of $48.24.
• First Financial Bancorp (NASDAQ: FFBC) was down 21 cents, to $11.37, and down 19 percent over the two-week period, from $13.99.
• KeyCorp (NYSE: KEY) was up 48 cents, to $6.90, and down 53 percent from $14.70 Sept. 26.
Several major non-bank stocks that the Business Courier has been tracking over the past two weeks continued their plunge.
• AK Steel Corp. (NYSE: AKS) was down 83 cents, to $10.70, having lost 62 percent since its Sept. 26 close at $28.39.
• General Cable Corp. (NYSE: BGC) was down $1.81, to $15, and down 61 percent from its $38.74 close two weeks ago.
• Omnicare (NYSE: OCR) fell $1.21, to $22.43, and was down 26 percent, from $30.17 on Sept. 26.
• Scripps Networks Interactive (NYSE: SNI) fell 59 cents, to $28.11, down 28 percent compared to $39.11 two weeks ago.
• Procter & Gamble Co. (NYSE: PG) was down $3.04, to $57.84, or 16 percent below its Sept. 26 close of $68.84.
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