At least 57 stocks were trading at 52 week low by Friday's mid-day trading. A majority of stocks indicating further sell-off pressure include small bankers like Allegiance Bank of North (NASDAQ: ABPA) Colonial Bancorp Inc. (NYSE: CNB), Corus Bancshares Inc. (NASDAQ: CORS), Coast Bancorp (NASDAQ: CTBP) and some other financials.
Such stocks are all trading in weak zone and all of them are showing further weakness with 50 days MA pointing lower than 200 days trailing MA.
BOSTON (MarketWatch) -- U.S. financial stocks opened sharply lower Monday, following global stocks down on renewed fears the pace of economic recovery may not justify the market run-up this summer.
In January I predicted (see Notable Bankruptcies of 2009: Q1) that “major” bankruptcies in 2009 would challenge the 383 mark set in 2001 (the high-water mark after the dotcom bubble). I even suggested that it was possible that we could exceed 400 “major” bankruptcies in 2009.[More...]
Five more banks including Colonial BancGroup Inc. (CNB) were shuttered by U.S. regulators on Friday. This takes the total number of failed federally insured banks in this year to 77, compared to 25 in 2008 and 3 in 2007.
Alabama-based lender Colonial was the biggest financial institution to fail this year, with ...
Troubled assets are still plaguing the U.S. financial system, and a recent report from the Congressional Oversight Panel concluded some smaller banks may need additional $12 billion to $14 billion in funds from the Troubled Asset Relief Program (TARP) and may need a stress test of their own.
According to data compiled by ...
By Bob Blandeburgo Associate Editor Money Morning Troubled assets are still plaguing the U.S. financial system, and a recent report from the Congressional Oversight Panel concluded some... Money Morning is here to help investors profit handsomely on this seismic shift in the global economy. Money moves markets. But Money Morning lets you move first. <a[More...]
Bank of America Corp. (BAC) sued Colonial Bancgroup Inc. (CNB) to protect its claim on certain loans after the troubled company refused to return more than $1 billion it owed to Freddie Mac (FRE).
Bank of America filed the lawsuit at a federal court in Florida, asking for a temporary restraining order prohibiting Colonial from [...]
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