Many U.S. regional banks, including Fifth Third Bancorp and SunTrust Banks Inc, may not show a profit until 2011, veteran banking analyst Richard Bove said, and downgraded both the stocks to "sell" from "neutral."
The Dow and S&P snapped their winning streaks Wednesday as disappointing earnings from two of Wall Street's biggest names overshadowed another round of earnings beats.
Stocks wobbled Wednesday as a slew of earnings beats, including one from Pfizer, were encouraging but disappointing reports from two of Wall Street's biggest names dragged on the market.
Stocks wobbled Wednesday as a slew of earnings beats, including one from Pfizer, were encouraging but disappointing reports from two of Wall Street's biggest names dragged on the market.
Futures indicated a lower open for Wall Street Wednesday as cautious words from Federal Reserve Chairman Ben Bernanke and Yahoo's missing revenue expectations lent to investors taking profits.
As major US banks announce their plans to repay the $700 billion in TARP funds and rid themselves of governmental control, they stand at various stages of the approval and pricing process.
Stocks have reversed and given up earlier gains as the bond market has drooped, yields have moved higher, which has resulted in a surge in the dollar... Read More
A blowout third quarter report for PNC Financial, as the regional bank managed to avoid the same fate that brought down earnings at Fifth Third Bancorp and SunTrust Banks... Read More