|
Financial-sector rally fizzles By John Spence, MarketWatch Last update: 10:05 a.m. EDT April 20, 2009 BOSTON (MarketWatch) -- U.S. financial stocks opened lower Monday after Bank of America Corp. said it earned more than $4 billion in the first quarter but warned credit markets continue to deteriorate on a stagnant economy and rising unemployment. BAC 9.26, -1.34, -12.6%) shares were off 10% following its first-quarter earnings announcement, but the stock is up more than 40% so far this month as a result of the dramatic snapback rally in bank shares. The bank is still facing \"extremely difficult challenges primarily from deteriorating credit quality driven by weakness in the economy and growing unemployment,\" said Chief Executive Ken Lewis. See full earnings coverage. Press reports that the Obama administration is considering converting government loans to the banks into equity weighed on the banking sector. Such a move would dilute existing shareholders. The administration could get more control over the banks as it mulls converting the government\'s preferred stock in these companies into common equity, The Wall Street Journal reported. The move could come after the completion of the government\'s \"stress tests\" for banks expected in early May, the report said. |
|
| aus der Diskussion: | Bank of America verbucht Gewinnrückgang !!! Nachbörslich oh oh oh |
| Autor (Datum des Eintrages): | kep (20.04.09 16:15:14) |
| Beitrag: | 3,622 von 7,743 (ID:37003019) |
| Alle Angaben ohne Gewähr © wallstreetONLINE | |