Banking & Finance

Big Financials Hit 52-Week Lows (TMA)(MER)(FRE)(JPM)(C)(BAC)(WM)

A number of the large financial stocks took news of a write-down at UBS (NYSE: UBS), debt problems at Merrill Lynch (NYSE: MER), and downgrades of Thornburg (NYSE: TMA) hard.

Hitting 52-week lows early in the day were Merrill Lynch at $46.41, Fannie Mae (NYSE: FNM) at $22.45, Thornburg at $1.26, JP Morgan (NYSE: JPM) at $37.51, and Freddie Mac (NYSE: FRE) at $20.27.

Shares in Citigroup (NYSE:C), Bank of America (NYSE: BAC), and Washington Mutual (NYSE: WM) also traded off sharply.

Douglas A. McIntyre