Daily Archives: September 27, 2008

Worst Performing Bank Stocks (DSL, FED, CORS, GRAN, NCC, BKUNA, VNBC)

BurningmoneyThe carnage and fallout from the Washington Mutual (NYSE: WM) failure on Friday was broad-based and very ruthless in the banking sector.  Most companies had no news, yet speculation of exposure and related counterparty and credit default risk drove investors to sell almost all questionable banking names. 

Bank Stock (Ticker)                     Close    (drop and %)       Volume
Downey Financial Corp. (DSL)      $2.03 (-$1.87; -47.95%)   3,663,566   
FirstFed Financial Corp. (FED)     $10.04 (-$8.21; -44.99%) 1,972,956
Corus Bankshares Inc. (CORS)    $3.75 (-$1.05; -21.88%)    993,442
Bank of Granite (GRAN)               $4.50 (-$1.58; -25.99%)    65,354
National City Corporation (NCC)    $3.71 (-$1.28; -25.65%)    326,015,615
BankUnited Financial (BKUNA)     $0.79 (-$0.21; -21.00%)   1,200,562
Vineyard National Bancorp (VNBC)$1.10 (-$0.28; -20.29%)   81,173 

There were also several REIT and other non-bank financial stocks that performed worse than some of these, but these were the banking related names that tanked after WaMu became Shamu.

Jon C. Ogg
September 27, 2008

Posted on: September 27, 2008 – 6:46 am in Banking, HI/LOW, , , , , , ,

Research in Motion Loses Its Analyst Fans (RIMM)

Rimm_logoResearch in Motion Ltd. (NASDAQ: RIMM) had a really bad week.  In fact, the huge drop seen Friday broke so far under the prior 52-week low of $80.20 that you would have thought the sky was falling.  The sky is not falling, but this is what happens when beloved mega-growth companies post a second disappointing report in a row.  To make matters worse, the company was cautious on margins out to 2010 rather than just in the near-term as its component costs are hurting margins on new product launches.  As you will see, R-I-M lost a lot of ground in analyst coverage to the point that the cheering section is going to be much smaller for a while.

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Posted on: September 27, 2008 – 5:46 am in Analyst Calls, Technology Companies, Wireless,