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Huntington Bancshares Inc (HBAN) Tumble

Feb 17 2009

Huntington Bancshares Inc (HBAN) Tumble

Huntington Bancshares fell dramatically today to near $1.30 a share from a high of $13.58 during the previous year. This prices the company at $479 million in market cap. Quite a demise for the mid-west bank known for assisting companies and metropolitans across the regions it operates in with numerous projects and expansions.

By Steve Patterson

Banks Fall Across the Board

The stability of the banking system was questioned again today with the release of the Obama administration's plan to rescue the financial industry with large infusions of cash and the purchase of troubled assets. More questions still remain then have been answered about the implementation of the plan. Bank of America, JPMorgan Chase and Citigroup all fell in addition to the 22% drop in Huntington Bancshares.

Earnings Collapse in December

The Huntington saw its earnings collapse in the prior quarter missing the estimates by 700%. Since that time future quarters have been revised to reflect the negative sentiment. The current quarter is now expected to show a 7 cent loss with the June 2009 quarter also showing a 7 cent loss. The bank was expected to earn 16 cents a share in both of these quarters just 30 days ago.

Financial Bear 3x

The Financial Bear 3x (FAZ) roared again today, rising 20%. The Exchange Traded Fund (ETF) attempts to return the 300% inverse move of the Russell 1000 Financial Services index. ETFs like the Financial Bear 3x have become the favorites of risk takers in the markets and increase the volatility of the overall market with their leveraged plays.

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