Market Currents

• Wednesday, August 19, 2009

• 20:51 PM "When we looked at Colonial's portfolio versus ours, we saw a lot of borrowers we turned away" - BB&T (BBT) CFO Daryl Bible on his firm's takeover of Colonial Bank (CNB) loans and collateral, which are being marked down by 37%. Construction loans are being marked down by 67%. (See chart; via) 2 Comments

• Monday, August 17, 2009

• 08:49 AM After picking up Colonial Bank's (CNB) branches and deposits last week, BB&T (BBT) is planning a $750M share sale to bolster its capital. BBT -3.3% premarket. Comment!

• Friday, August 14, 2009

• 18:17 PM BB&T (BBT +9.4%) assumes all deposits of Colonial Bank (CNB), closed by Alabama regulators in the year's 74th - and biggest - bank failure. The 346 branches reopen as BB&T under normal business hours tomorrow. A loss-share transaction on $15B in assets limits the cost to the Deposit Insurance Fund to an estimated $2.8B. Colonial had total assets of $25B. 4 Comments
• 13:41 PM With Colonial BancGroup (CNB -11.9%) to become the year's biggest bank failure today, who's next? More than 150 publicly traded lenders have nonperforming loans of 5% or more of holdings - a big risk to survival - and Corus (CORS +42.2%) and Guaranty (GFG -13.8%) are above 6.5%. Comment!
• 11:39 AM BB&T (BBT) shares up 4.9% amid reports it may be the one to buy ailing Colonial BancGroup (CNB -11.9%). 6 Comments

• Thursday, August 13, 2009

• 10:16 AM Bank of America (BAC +3.7%) sues Colonial BancGroup (CNB -7.4%), asking a federal court to bar Colonial from selling or disposing of more than $1B in cash and loans it alleges Colonial is holding in custodianship for Ocala Funding, the commercial-paper vehicle backed by Taylor, Bean & Whitaker. Comment!
• 09:00 AM Premarket gainers: HRS +16%. ANW +10%. TSEM +7%. URBN +7%. ING +6%. CIT +6%. RF +6%. FNM +6%. AGO +6%. AU +5%. GFI +5%. ALU +4%. OCNF +4%. FRE +5%. UBS +5%. EGO +4%. HMY +4%. BAC +4%. DB +4%. ONNN +4%. FIG +4%.
  Losers: LDK -13%. AEG -8%. MWE -6%. AAP -5%. CNB -4%. Comment!

• Tuesday, August 11, 2009

• 09:05 AM Premarket gainers: AVNR +79%. ANPI +29%. FNM +14%. LGF +11%. KFN +8%. WEN +5%. CNB +4%.
  Losers: CIT -24%. WH -19%. MBI -11%. AKRX -11%. CPST -9%. HPT -8%. SPH -7%. AEG -6%. BWP -5%. LYG -5%. DYN -4%. S -4%. RBS -4%. RBS -4%. Comment!

• Friday, August 7, 2009

• 09:20 AM Colonial BancGroup (CNB) confirms it's the target of a federal criminal investigation into accounting irregularities at its mortgage warehouse lending division. On Monday, federal agents raided an Orlando, Fla., branch. Shares +4.3% premarket. 2 Comments

• Monday, August 3, 2009

• 18:54 PM Federal agents raid an Orlando, Fla., branch of Colonial BancGroup (CNB) Monday amid the bank's capitalization problems and warnings about its ability to continue as a going concern. Shares down 14.3% to $0.42. 5 Comments

• Tuesday, July 28, 2009

• 09:00 AM Premarket gainers: SPSS +40%. VM +27%. ARIA +26%. KFN +21%. CSR +10%. HMA +9%. UIS +9%. THC +8%. CYTR +5%. UA +5%. PCX +5%. AVII +4%. CIT +4%.
  Losers: USU -48%. ABK -17%. ODP -17%. DB -9%. CHINA -7%. COH -5%. CNB -5%. SOL -5%. AEG -4%. YGE -4%. MT -4%. SOL -4%. Comment!

• Wednesday, June 24, 2009

• 09:00 AM Premarket gainers: PPHM +14%. AIB +10%. CTIC +9%. MGM +8%. SOL +7%. AEG +6%. CNB +6%. BCS +6%. DB +5%. HL +5%. WNR +4%. ORCL +4%. SAY +4%.
  Losers: LYG -13%. SVU -11%. RT -9%. HEB -7%. Comment!

• Wednesday, June 10, 2009

• 09:09 AM Premarket gainers: PPHM +21%. AXL +13%. SAY +12%. ESLR +10%. ISLE +10%. LEA +10%. FRO +8%. ETFC +8%. DAN +7%. OMC +7%. SOL +8%. DPTR +6%. CENX +6%. NVAX +6%. RTP +6%. BQI +5%. XL +5%. UBS +5%. JASO +5%. CSUN +5%. OPWV +5%. HBC +4%. RCL +4%. LDK +4%.
  Losers: CNB -26%. SINA -7%. LHO -6%. SQNM -4%. 1 Comment

• Friday, June 5, 2009

• 09:00 AM Premarket gainers: GNBT +21%. HEB +16%. SOL +10%. XOMA +9%. RTP +9%. FLIR +9%. RAD +8%. AIB +8%. CSUN +8%. BHP +7%. CENX +7%. CRBC +7%. ING +7%. JASO +6%. CLF +6%. PMI +6%. GES +6%. SOLF +6%. CIT +5%. VALE +5%. KEY +5%. GNW +4%. FRO +4%. AIG +4%. DPTR +4%. FEED +4%. LDK +4%. CNB +4%. YGE +4%. AMD +4%. PCX +4%. Comment!

• Friday, May 22, 2009

• 09:00 AM Premarket gainers: SHLD +21%. ARUN +19%. AIB +17%. CGRB +15%. EXM +16%. ADSK +15%. ASAY +12%. LEA +10%. FBC +9%. QGEN +8%. CNB +5%. EGLE +5%. KFN +4%. BCS +4%. HEB +4%. AAUK +4%. PBI +4%.
  Losers: RRGB -12%. CRM -9%. LDK -6%. AIG -6%. Comment!

• Wednesday, May 20, 2009

• 09:00 AM Pre-market gainers: PRGN +28%. IRE +21%. IGLD +15%. ANPI +14%. ADI +12%. TLB +12%. BEXP +12%. TTM +10%. AIB +7%. SQNM +6%. GM +6%. CNB +9%. EGLE +6%. HBAN +5%. CIT +5%. JASO +5%. CDE +5%. AMD +5%. TGT +5%. SOL +5%. THC +5%. ZION +5%. DB +4%.
  Losers: RF -7%. FST -5%. NTES -5%. HPQ -4%. Comment!