S&P 500
7,582.20
+0.03%
Dow Jones
51,018.80
+0.58%
Nasdaq 100
30,344.40
+0.25%
Russell 2000
2,916.31
-0.54%
FTSE 100
10,378.60
-0.32%
Nikkei 225
66,231.90
+0.67%

Banking, finance, and taxes

Moody’s Ireland Cut Holds PIIGS Banks Hostage (AIB, IRE, NBG, STD, BBVA)

Photo of Jon C. Ogg
By Jon C. Ogg Updated Published

Invalid Image
Moody’s has been on a warpath this week downgrading the PIIGS.  The calls are late.  Very late.  These should have been about as telegraphed as a replay of a World War II outcome.  Moody’s downgrade of Ireland by five notches follows the ‘warning of downgrades’ to Greece and Spain yesterday.  In case you don’t expect it, let us just tell you that those ‘warnings’ will result in ultimate downgrades again.  This morning’s downgrade is hitting Irish banks and it is acting as a drag against others in the lands of the PIIGS.

Allied Irish Banks plc (NYSE: AIB) is down 5.4% at $1.23 versus a recent low of $0.92 and versus a 52-week low of $0.76.  The Bank of Ireland (NYSE: IRE) is 5.6% at $2.53 compared to $1.44 in November.

In Greece, the National Bank of Greece SA (NYSE: NBG) has not yet traded but is indicated lower around $1.83 after a $1.86 close yesterday and versus a 52-week low of $1.65.

Banco Santander, S.A. (NYSE: STD) is down 1% at $10.74 this morning, but that is up from under $10.00 at the end of November. Banco Bilbao Vizcaya Argentaria, S.A. (NYSE: BBVA) is down 0.7% at $10.14 versus $9.21 about three weeks ago.

Our argument is not that these downgrades do not matter.  These downgrades are just very late and they could have easily been anticipated by investors.

JON C. OGG

Follow 24/7 Wall St. on Google
Photo of Jon C. Ogg
About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

Continue Reading

Jon C. Ogg |

Moody’s Downgrade War in Ireland & Lands of PIIGS (AIB, IRE, NBG, STD, BBVA)

Moody’s is at it again with yet another debt rating downgrade in the lands of the PIIGS.  Today came a…

Jon C. Ogg |

Spain, Greece, Ireland All Weigh on Bank ADRs (STD, BBVA, AIB, IRE, NBG)

The woes of Europe continue, again… Get used to it.  The markets are soft this morning on news that Moody’s…

Jon C. Ogg |

PIIGS Banks Hot Again, One Doubled in Two Weeks (AIB, IRE, NBG, STD, BBVA)

The banks in the lands of the PIIGS are seeing some bids yet again today.  That makes three in a…

Jon C. Ogg |

Changing Implied Default Criteria To Create Formal Defaults, PIGS & PIIGS (AIB, IRE, NBG)

The ratings agencies and outside groups are now saying that Greece is in default, like it or not.  Now let’s…

Jon C. Ogg |

PIIGS Banks Watching Rising Spanish Bond Yields (STD, BBVA, AIB, IRE, NBG)

Tracking European banks, particularly those in the lands of the PIIGS, often requires looking at individual national sovereign debt issues…

Jon C. Ogg |

Irish Bailout Redux: Beware Bankers Bearing Gifts (AIB, IRE, IRL)

It was just yesterday that we warned about mergers in the banks “Irish Style.”  The fear is that Allied Irish…

Jon C. Ogg |

PIIGS Banks Defying The Market (AIB, IRE, NBG, STD, BBVA)

The markets may be headed lower on Friday morning after a sell-off in China, but the stocks of some of…

Jon C. Ogg |

Beyond Greece & ECB, Debt Woes Only Growing Elsewhere in Europe (TI, PT, EWI, AIB, IRE, NBG, EWP, SNF)

Greece saved itself with its latest austerity measures.  For a few months, maybe.  If you have read about Greece’s woes…

Jon C. Ogg |

PIIGS Banks Get Reprieve From Spain (STD, BBVA, NBG, AIB, IRE)

Yesterday was Portugal helping out, today is Spain… Debt sales that is.  A debt sale in Spain is so far…

Top Gaining Stocks

Dell Technologies
DELL • Vol: 42,366,555
NetApp
NTAP • Vol: 15,911,807
ServiceNow
NOW • Vol: 68,243,561
IBM
IBM • Vol: 28,527,546
Hewlett Packard Enterprise
HPE • Vol: 86,996,387

Top Losing Stocks

Coterra Energy
CTRA • Vol: 73,319,495
Clorox
CLX • Vol: 4,744,001
ResMed
RMD • Vol: 3,526,686
Intel
INTC • Vol: 191,680,425
Skyworks Solutions
SWKS • Vol: 5,407,806