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Banks (Finance)

Financial Stocks Decline in Pre-Market Trading Despite Sector Pares Gains

Strategic Insights

— 1 min read

Financial stocks saw a decline in pre-market trading on December 1, 2011, despite the sector having made gains in the previous two sessions. Toronto-Dominion Bank (TD) shares rose after acquiring MBNA Canada's credit card portfolio from Bank of America (BAC). Meanwhile, Western Union (WU) shares tipped lower after being initiated with a Neutral rating by Piper Jaffray.

Key Takeaways:

  • Financial stocks saw a decline in pre-market trading on December 1, 2011, with major banks such as JPMorgan Chase (JPM), Bank of America (BAC), Wells Fargo (WFC), and Citigroup (C) experiencing losses of 0.4% to 0.6%.
  • Toronto-Dominion Bank (TD) shares rose 0.83% to $70.91 after acquiring MBNA Canada's credit card portfolio from Bank of America (BAC).
  • Western Union (WU) shares tipped lower after being initiated with a Neutral rating by Piper Jaffray, with a price target of $19.
  • The SmarTrend automated pattern recognition system indicated a downtrend for Bank of America (BAC) on November 21, 2011, at $5.58, and for Toronto-Dominion Bank (TD) on November 17, 2011, at $69.25.
  • The SmarTrend system also indicated a downtrend for Western Union (WU) on November 17, 2011, at $16.34.

Statistics:

  • JPMorgan Chase (JPM) shares declined by 0.6% in pre-market trading.
  • Bank of America (BAC) shares declined by 0.4% in pre-market trading.
  • Wells Fargo (WFC) shares declined by 0.6% in pre-market trading.
  • Citigroup (C) shares declined by 0.4% in pre-market trading.
  • Toronto-Dominion Bank (TD) shares rose 0.83% to $70.91.
  • Western Union (WU) shares declined by 0.23% to $17.40.

Sources:

  • MidnightTrader via COMTEX
  • Comtex SmarTrend Alert
  • Piper Jaffray

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