Euro Bank Bashing Comes Back With Force (BCS, DB, STD, BBVA, IRE, NBG)

Today’s move has been brutal on the key ADRs out of Europe, and oddly enough the damage may seem counterintuitive if you just look at the ADRs.  Barclays PLC (NYSE: BCS) is down 4.9% at $14.04 against a 52-week range of $8.38 to $20.32, but Deutsche Bank AG (NYSE: DB) is down 3.9% at $46.40.  How are the drops of the top British and German banks worse than Spain?

Banco Santander, S.A. (NYSE: STD) is down 2.4% at $7.18 against a 52-week range of $6.77 to $12.57; Banco Bilbao Vizcaya Argentaria, S.A. (NYSE: BBVA) is down 2% at $7.40 against a 52-week range of $7.02 to $13.01.

Head north to Ireland and The Bank of Ireland (NYSE: IRE) is down 4% at $6.03 versus an adjusted 52-week trading range of $3.99 to $24.90.  Then head back into the Mediterranean and National Bank of Greece SA (NYSE: NBG) is down the worst of the Euro-Zone banks with a drop of 10.2% at $2.118 against an adjusted 52-week range of $1.64 to $9.40.

Another day, one less Euro…

JON C. OGG