Member of InvestorPlace blogs

« Apple's Earnings Soar | Main | Looking Ahead to This Week's Fed Meeting »

Troubles at National City

Two months ago, I identified 10 Financial Stocks to Sell in my free weekly eletter, "What's Working on Wall Street Now." This week has been horrible for one of the stocks that I highlighted. On Monday, National City (NCC) posted a first-quarter loss of $171 million. The bank cut its dividend from 21 cents to just a penny a share. They also said that they raised $7 billion to secure their capital base. Since I said to dump the shares, National City is down 62%.