The Bank of Ireland (NYSE: IRE) is getting hit hard this morning. Today’s move is not due to new developments in the lands of the PIIGS, is not on a new development of creditor demands, and it is not even on a failure to adhere to austerity measures. Citigroup initiated coverage with a SELL rating on the ADR this morning.
After a drop of over 8.5% to $6.75, the adjusted 52-week trading range (adjusted for the reverse stock split) is $3.99 to $27.00. The trading volume is already at 1.5 million shares and that just about covers a full day’s worth of trading volume.
Ireland has been making a concerted effort to live up to austerity measures. It is not currently in the same place that Greece was in through most of the recent weeks. To add insult to injury, Ireland has even lost an abnormal number of pubs closing, and if that is a sign of forced cutbacks by the nation then nothing else is.
JON C. OGG