Moody’s Investors Service has recently stated that they are considering lowering the credit ratings of major U.S. banks, such as including JPMorgan Chase & Co. and Goldman Sachs Group Inc. One of the main reasons cited for the potential ratings cut is the unlikelihood of the government fully bailing out bond investors if banks run into another financial crisis. Moody’s is also considering downgrading bonds of Wells Fargo & Co., and Morgan Stanley. Bonds of Bank of America Corp. and Citigroup Inc. may also see a downgrade, but could be upgraded as operations are improving.
Bank of America Corp. (NYSE: BAC) shares traded in the range of $14.49 to $14.70 Monday before settling to close at $14.49, a decrease of 0.55 percent. The stock appears to be facing some resistance at the $14.53 and $14.97 levels with some support at $14.03. Shares of Bank of America have gained approximately 25.0 percent in 2013.
More information on Bank of America and access to the free equity report can be found at:
www.WallStreetFundamentals.com/BAC
Citigroup Inc. (NYSE: C) shares traded in the range of $49.60 to $50.34 Monday before settling to close at $49.60, a decrease of 0.46 percent. The stock appears to be facing some resistance at the $49.72 and $50.39 levels with some support at $49.23. Shares of Citigroup have fallen approximately 25.0 percent in 2013.
More information on Citigroup and access to the free equity report can be found at:
www.WallStreetFundamentals.com/C
JPMorgan Chase & Co. (NYSE: JPM) shares traded in the range of $51.79 to $52.54 Monday before settling to close at $51.80, a decrease of 0.99 percent. The stock appears to be facing some resistance at the $52.19 and $52.98 levels with some support at $50.98. Shares of JPMorgan have gained approximately 18.0 percent in 2013.
More information on JPMorgan and access to the free equity report can be found at:
www.WallStreetFundamentals.com/JPM
Wells Fargo & Co. (NYSE: WFC) shares traded in the range of $42.37 to $42.83 Monday before settling to close at $42.39, a decrease of 0.87 percent. The stock appears to be facing some resistance at the $42.43 and $42.86 levels with some support at $41.42. Shares of Wells Fargo have gained approximately 24.0 percent in 2013.
More information on Wells Fargo and access to the free equity report can be found at:
www.WallStreetFundamentals.com/WFC
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