ING, Citigroup, HSBC and RBS Fall

Mayank Mehta
27 Nov, 2009
New York City

Banks in New York and Europe declined after investors worried that fast developing Dubai credit crunch may contribute to losses. Royal Bank of Scotland led a consortium of seventy bankers to fund most of the debt that fueled construction boom in Dubai.

[R]12:30 PM New York – Banks in New York and Europe declined after investors worried that fast developing Dubai credit crunch may contribute to losses. Royal Bank of Scotland led a consortium of seventy bankers to fund most of the debt that fueled construction boom in Dubai.[/R]

Of the stocks in S&P 500 index, 7 increased, 491 declined and 2 were unchanged.

The New York Times Company led the decliners in the S&P 500 index with a loss of 6.1% followed by losses in The NASDAQ OMX Group, Inc of 5.5%, in Pioneer Natural Resources Company of 5.1%, in CBS Corporation of 4.8% and in CONSOL Energy Inc of 4.7%.

Other Movers

Bank of America Corporation ((BAC)) fell 1.8% or 29 cents to $15.66.

Citigroup Inc ((C)) slipped 1.4% or 6 cents to $4.11, JPMorgan Chase & Co ((JPM)) fell 1.1% or 50 cents to $41.66 and Bank of America declined 2.2% or 36 cents to $15.59.

Bloomberg and Reuters reported that Royal Bank of Scotland led a consortium of banks that funded the construction boom the Emirates.

Frontline Ltd ((FRO)) decreased 3.3% or 90 cents to $26.09 after the tanker company reported third quarter revenues fell 59.6% to $233.0 million from $577.3 million a year ago. Net loss in the quarter was $5.6 million or 7 cents per diluted share compared to net income of $107.8 million or $1.39 per share a year ago.

The Goldman Sachs Group, Inc ((GS)) fell 2.1% or $3.67 to $165.54.

ING Groep N.V ((ING)) plunged 18.0% or $2.22 to $10.06 after the Dutch financial-services company said sets terms for its €7.5 billion rights issue ahead of schedules that investors had expected.

Las Vegas Sands Corp ((LVS)) fell 4.6% or 75 cents to $15.74.

MGM Mirage ((MGM)) the gambling and resort operations dropped 5% or 55 cents to $10.46 and its partner Dubai World based in Dubai, UAE is negotiating debt rollover that may involve as much as $18 billion.

MidSouth Bancorp, Inc ((MSL)) closed unchanged at $13.42.

The New York Times Company ((NYT)) the diversified media company declined 5.3% or 48 cents to $8.54.

Ship Finance International Limited ((SFL)) declined 4.1% or 56 cents to $12.80 after the ship owning company reported third quarter sales fell 30% to $80.2 million from $114.3 million a year ago. Net income in the quarter fell 28.3% to $34 million or 44 cents per diluted share compared to net income of $47.4 million or 65 cents per share a year ago.

Silvercorp Metals Inc ((SVM)) declined 5.1% or 40 cents to $7.40.

Wells Fargo & Company ((WFC)) the financial company dropped 1.6% or 48 cents to $27.35.