S&P: “Go to Your Room”? 4
Standard and Poors debates whether to kick some banks out of the Standard and Poors 500 (which is now on worth a dollar three-eightly anyway).
“In the S&P 500, four financials rank within the bottom 10 companies in the index,” wrote Melissa Roberts at Keefe, Bruyette & Woods in a research note.
(snip)
S&P says the (index) committee’s goal is to ensure that the S&P 500 is a leading indicator of U.S. stocks, reflecting the risk and return profile of large-cap shares. The committee also considers a stock’s liquidity and tries to limit turnover.
In plain language, this means that S&P is wondering whether the banks in question (Developers Diversified Realty Corp., E-Trade Financial Corp., Huntington Bancshares Inc., and MBIA Inc.) are so crippled that there’s almost no hope for them.
March 6, 2009 at 1:05 pm
I saw a commercial the other day for E-Trade, with Sam whats-his-name. Bummer.
March 7, 2009 at 9:34 am
I saw a commercial the other day for E-Trade, with Sam whats-his-name.
Karen,
Right industry, wrong company. Sam Waterston is the spokesperson for TDAmeritrade. TDAmeritrade is actually doing fairy well all things considered. Their stock is down 25% year to date. Not stellar performance unless you compare it to most other financials. TDAmeritrade closed Friday above $10/share and is above its 52 week low. Their last reported earnings were +$1.24 per share.
E Trade, on the other hand, closed Friday at $0.61 and their last reported “earnings” were -$1.00 per share.
March 7, 2009 at 4:59 pm
Yeah Bill, I found that out when I saw the TDAmeritrade commercial. I just didn’t think about coming back here & admitting I goofed. At least you knew who I was talking about.
March 7, 2009 at 6:50 pm
E*Trade – TDAmeritrade – Scottrade, they all run together after a while.