For Immediate Release
Chicago, IL – June 19, 2009 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Wells Fargo (WFC), U.S. Bancorp (USB), BB&T (BBT), Fifth Third Bancorp (FITB) and KeyCorp (KEY).
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Here are highlights from Thursday’s Analyst Blog:
S&P Downgrades 18 Banks
Standard & Poor’s Ratings Services has downgraded some of the largest banks in view of the Obama Administration’s regulatory revamp plan, which will result in tighter regulation and lower profits for the industry.
Among the banks which were downgraded were Wells Fargo (WFC), U.S. Bancorp (USB), BB&T (BBT), Fifth Third Bancorp (FITB) and KeyCorp (KEY).
Yesterday President Obama unveiled his comprehensive regulatory revamp plan, which proposes to designate the Federal Reserve as the consolidated supervisor of large, systemically important institutions and also to require higher capital standards and greater oversight for all banks.
S&P also downgraded five smaller banks to junk status and still has negative outlooks on many U.S. banks, suggesting ratings could be downgraded further. The rating agency said that loan losses in the overall banking industry could increase beyond current expectations.
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