Filed under: Major movement, Bad news, Industry, Citigroup Inc. (C), Wachovia Corp (WB), Options, Technical Analysis

Wachovia Corp. (NYSE: WB) and most of the financial sector are slipping today due to continuing concerns about the financial sector on Wall Street. Competitor Credit Suisse (NYSE: CS) announced $1.9 billion in write-downs today, and Citigroup (NYSE: C) was downgraded at CIBC from sector perform to underperform on concerns that it may have to cut its dividend. If you think fincncial sector won’t be rising too far in the coming months, then it could be a good time to look at a bearish hedged play on WB.

After hitting a one-year high of $58.80 in February, the stock has been struggling lately, hitting a 52-week low today. This morning, WB opened at $44.31. So far today the stock has hit a low of $43.38 and a high of $44.44. As of 11:15, WB is trading at $43.78, down $1.95 (-4.3%). The chart for WB looks bearish and steady, while S&P gives the stock its highest 5 STARS (out of 5) strong buy rating.

Continue reading Wachovia sinks on financial sector woes

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This entry was posted on Friday, November 2nd, 2007 at 12:16 am and is filed under Stocks Money News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.