The WSJ mentioned Colonial BancGroup (CNB) in an article today titled, "Small Banks Get Tempting." Author Peter Eavis said that CNB was an "intriguing prospect," but it would probably take two to three quarters (9 months) before the stock would rebound. He mentioned that the bank's charter had changed from federal to state, "allowing it to replace the Office of the Comptroller." I don't think anyone quite understands that all banks are regulated by the Office of the Comptroller if their funds are FDIC-insured. Either I'm wrong, or financial journalists aren't doing their homework.
Pinnacle Entertainment (PNK) took quite a beating today and yesterday. I only have 100 shares, and won't add anymore just yet, but I am surprised the stock is down this much. As Mr. Eavis might say, PNK looks like an "intriguing prospect" at these prices.
CNB = -2.51
EQ = -2.15
EWM = -3.61
GE = -6.00
IF = -8.04
PFE = -7.84
PNK = -13.72
Average of "Open Positions": losing/negative average of 6.27%
Held more than seven days but less than one year:
PPS = -2.8
WYE = +2.4%
Held less than 7 days:
ICE (+2.0%), MMM (0.5%), MRK (0.1%), PFE (1.3%), SCUR (15%) (Overall record in this category is a 3.78% average gain)
PFE = +0.5%
Average of "Closed Positions" sub-categories, except for Daytrades: up/positive 2.09%
Combined Total Averages, excluding Daytrades: losing/negative 4.18%
Compare to S&P 500: losing/negative 5.15%
[from May 30, 2008 (1385.67) to June 24, 2008 (1314.29)]
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