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The markets have stabilized as bank stocks have stabilized.
Of some help is PNC [PNC
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] , which is generating a few raised eyebrows on trading desks. Recall they dropped 41 percent yesterday and is up 21 percent today (no one even blinks at these price swings any more).
They said:
1) They don't expect to ask for more TARP money (they have already received $7.6 billion);
2) They don't expect to issue additional common shares; and
3) They expect to pay their full dividend of $0.66 (Lawrence Summers' letters be damned!).
The talk is that this is the start of a trend: that any bank that has anywhere near a decent capital position will turn down TARP money in the future.
The problem is that the Street believes most banks (including PNC) will have to raise more capital and will be forced to cut their dividends, regardless of what they say at this moment.
PNC also announced it expects to report a loss for Q4 due to integration costs associated with the National City acquisition, but excluding that they are expecting to report a meaningful profit but still below company expectations.
This sounds like good news, but the bottom line is that credit quality trends are continuing to deteriorate.
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Questions? Comments?
- Next Week's Stars—The Retailers
- Today's Drivers: Retail and Tech
- Can Retailers Meet Those High Expectations?
- Yes, Now A Genocide-Free ETF
- What Matters Most on The Floor
- Wal-Mart And Kohl's Beat—But Cautious Outlook
- After The Bell Big Announcement: HP To Acquire 3Com
- New Highs On Lousy Volume—What's Up?
- The New Dow Target
- Wall Street Fears Dodd Bill
Data is a real-time snapshot *Data is delayed at least 15 minutes