(Reuters) - Declines were led by banks perceived to have high mortgage exposure, including Lehman Brothers Holdings Inc., which fell as much as 3.3 percent, and Bear Stearns Cos. Inc., which fell as much as 2.6 percent.
"The downgrades won't affect the brokers' balance sheets much, but the concern is, is this the sign of more things to come?" said Jeff Harte, an analyst at Sandler O'Neill in Chicago. This is likely an overreaction, added Harte, who has "buy" ratings on brokers including Lehman and Bear.
Read more at Reuters.com Hot Stocks News
"The downgrades won't affect the brokers' balance sheets much, but the concern is, is this the sign of more things to come?" said Jeff Harte, an analyst at Sandler O'Neill in Chicago. This is likely an overreaction, added Harte, who has "buy" ratings on brokers including Lehman and Bear.
Read more at Reuters.com Hot Stocks News
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