NCC - National City Corp

[BadThad]

Down huge today over worries, could make for a nice bottom play. Of course, the financials are risky, do your own DD.

NCC on Google Finance

Current PPS: $6.30

[Grizzums]

Originally Posted by BadThad

Down huge today over worries, could make for a nice bottom play. Of course, the financials are risky, do your own DD.

NCC on Google Finance

Current PPS: $6.30

If the bank is offering common stock for $5, I would certainly not be looking to pay over that....then again, I'm not looking at this one at all. Could make for a trade though....not the type I like although I know some of you play these types...

Good Luck.

[BadThad]

NCC stock is absolutely destroyed! Down 25% to 3.35, set a 52-week low of 2.99 today. Down 45% over the last 60 days.

[BadThad]

Continuing my investment to the financials.....hey, I have almost 20 years to wait before I need the money! LOL

NCC will be fine IMO. Latest news:

National City says it has more than enough capital despite loss
3:45p ET July 24, 2008 (MarketWatch)
BOSTON (MarketWatch) -- Shares of pressured National City Corp. were down late Thursday after the regional bank reported a quarterly loss of nearly $1.8 billion but said it has "more than sufficient capital" to ride out the unrest in credit markets.

National City posted a second-quarter loss of $1.76 billion, or $2.45 a share, compared to a year-earlier profit of $347 million, or 60 cents a share. The company has been one of the harder-hit banks during the credit storm, but analysts said it has effectively boosted its capital reserves to protect against losses.

Wall Street analysts also said the company's battered mortgage portfolio may be calming.

"Credit quality deteriorated, but there are some signs of stabilization in the nonprime mortgage book," wrote BMO Capital Markets analyst Lana Chan in a research note Thursday morning.

"With the capital raise, National City's capital ratios are among the strongest of its peers," the analyst said. "We continue to believe that the improved capital base and higher reserves ... will allow National City to proactively work through losses in its higher-risk loan portfolio."

Investors have been closely monitoring the health of regional banks after the failure of IndyMac. Heading into Thursday's session, National City shares were down more than 70% year to date.

The stock plunged earlier this month, and in response, the company said it was experiencing no unusual depositor or creditor activity. The episode underscored the power of market rumors and speculation during the latest banking crisis.

Analysts at Fox-Pitt Kelton Cochran Caronia Waller in a report said the most important factors for National City are capital levels, credit quality and any signs of weakness in the core business.

They said the bank's capital "remains strong" while credit quality was "mixed" but with "some positive signs." Meanwhile, the core franchise appears stable with retail deposit accounts mostly higher across various types. Commercial loan growth is holding up, despite weakness in the asset-management business, the analysts said.

"With the completion of our $7 billion capital raise, National City is by far the best capitalized bank among its peer group -- and is the best capitalized of all major U.S. banks," said National City Chief Executive Peter Raskind in the second-quarter earnings release. "We are confident that we have more than sufficient capital to ride out turbulent credit markets."

'Unprecedented conditions'

Still, the CEO on the analyst call Thursday said "there is no doubt the entire banking industry continued to face unprecedented and challenging market conditions over the last quarter," according to a transcript from FactSet. "We fully recognize that we need to improve performance."

Looking ahead, Raskind said the company expects the provision for loan losses to decline in the second half of 2008.

The quarterly loss included a non-cash goodwill impairment charge of $1.1 billion related to previous acquisitions. The company also boosted its loss reserves on liquidating mortgage-loan portfolios.

The second-quarter provision for loan losses was $1.6 billion, including $1 billion related to liquidating portfolios of brokered home equity, nonprime mortgage, and construction loans to individuals, the company said. It added the provision for loan losses included supplemental reserves of $478 million, "specifically reflecting the difficult environment in the housing market."

Mike Mayo at Deutsche Bank in an investor note Thursday said the quarterly loan losses were worse than expected.

"Net-net: this looks to us as part clean-up quarter, part continued issue with problem loans, and part taking enough conservatism that the company has a cushion to absorb problems over the next couple years," Mayo wrote. "We are buyers of the stock."

[Ciao]

got few near the closing........

BadThad here I am trying to get you into day trading (in/out more often)… instead you “infect” me to trade the finance stocks

have a nice w/e

[BadThad]

Originally Posted by Ciao

got few near the closing........

BadThad here I am trying to get you into day trading (in/out more often)… instead you “infect” me to trade the finance stocks

have a nice w/e

I'm in NCC at 4.77!

HAHAHAHA.....I'm a "mixed" trader, day and long. I intend on holding these financials for a long, long time. $$$$$$$

Someday this will be me >>>>

[alhaanad]

Technically, NCC has been showing support around 4.01 and resistance in the 6.06 range. The buying signal is on today but not strong and the target price is set to $7.55.
(9Trading -Technical Analysis,Top Stock Picks and Ratings,Amibroker Formulas)

[BadThad]

Originally Posted by alhaanad

Technically, NCC has been showing support around 4.01 and resistance in the 6.06 range. The buying signal is on today but not strong and the target price is set to $7.55.
(9Trading -Technical Analysis,Top Stock Picks and Ratings,Amibroker Formulas)

Welcome to SMC!

[BadThad]

NCC shares increase, down 20% today:

National City Corporation Increase in Common Shares Outstanding Takes Effect
2:40p ET September 22, 2008 (Page Ranking NewsWire)
National City Corporation (NYSE: NCC) announced that, as the result of the recently approved conversion of its Series G Convertible Preferred stock, effective today, its outstanding common shares have increased from 760 million to 2.1 billion, representing a market capitalization of approximately $11.8 billion, based on the $5.61 closing price of National City's common stock on Friday, Sept. 19, 2008.

The Series G preferred shares were issued in April 2008 as part of National City's $7 billion capital raise, and the conversion of those shares into common stock was approved at a special meeting of stockholders on Sept. 15.

[BadThad]

Really down, hit $2 today.