LocateStock.com Daily High 5 For Friday October 10, 2008

Jersey City, NJ – October 10, 2008

     

The LocateStock.com HIGH 5 for Friday, October 10^th are:

           

5 – Merrill Lynch – NYSE:MER

4 – JP Morgan – NYSE:JPM

3 – Citigroup – NYSE:C

2 – Morgan Stanley – NYSE:MS

1 – Banc of America – NYSE:BAC

 

Merrill Lynch & Co., Inc., (NYSE:MER) together with its subsidiaries, provides investment, financing, insurance, and related services to individuals and institutions worldwide. It's Global Markets and Investment Banking segment offers various global market services, which facilitate client transactions and markets in securities, derivatives, currencies, commodities, and other financial instruments for clients; provides financing, securities clearing, settlement, and custody services; and engages in principal and private equity investing and proprietary trading activities.

 

* Merrill announced on Thursday that, in connection with NYSE Euronext's acquisition of the American Stock Exchange, it will transfer the listing of the securities which are currently listed on the Amex, to NYSE Arca. The voluntary Amex delisting of the Securities is occurring in order to transfer the listing of such Securities to NYSE Arca due to the acquisition of the Amex by NYSE Euronext and to comply with NYSE Euronext's plans to consolidate all listed exchange-traded funds and structured products on NYSE Arca. Shares of MER plunged to a new low of $12.12 mid-day. Merrill closed the day down $4.66 or 25.92% to $13.32 on Thursday.

 

JPMorgan Chase & Co., (NYSE:JPM) a financial holding company, provides a range of financial services worldwide. The company operates through six segments: Investment Bank, Retail Financial Services, Card Services, Commercial Banking, Treasury and Securities Services, and Asset Management.

* Most bank stocks fell Thursday amid news that the Bush administration is considering taking part ownership in a number of U.S. banks in its continued effort to help prop up ailing financial institutions. The aim of such a move would be to help loosen the credit markets and encourage lending among banks and to consumers. That, and a three-week ban on short selling imposed by regulators may also have had a detrimental effect on financial stocks, including JP Morgan. Shares of JP Morgan fell $2.62 or 6.67% to $36.68.

Citigroup, Inc., (NYSE:C) together with its subsidiaries, provides a range of financial products and services to consumer and corporate customers in the United States and internationally. The company's Global Consumer Group segment offers various banking, lending, insurance, and investment products and services through its branches, automated teller machines (ATMs), and automated lending machines (ALMs), the Internet, telephone, and mail.

* Financial stocks were among the biggest losers of Thursday's session, extending the stock market's swoon to fresh multiyear lows, as the deadline on a temporary ban on short-selling ended. Last night, Citi withdrew from negotiations brokered by federal regulators that sought a compromise to the competing bids from Wells Fargo and Citigroup for Wachovia. Shares of Citigroup plunged $1.47 or 10.21% to $12.93.

Morgan Stanley, (NYSE:MS) through its subsidiaries and affiliates, provides various financial products and services to corporations, governments, financial institutions, and individuals worldwide. The company operates in three segments: Institutional Securities, Global Wealth Management Group, and Asset Management.

 

* Morgan Stanley plunged 25.89% on Thursday on concern about the status of a planned $9 billion investment by Japan's top bank, Mitsubishi UFJ Financial Group. But once again, the bank shot down speculation about the deal while some traders blamed the plunge on short-sellers after the end of a temporary ban on such trading. Shares of MS fell $4.35 to $12.45 on the news.

 

Bank of America Corporation, (NYSE:BAC) a financial holding company, provides a range of banking and nonbanking financial services and products in the United States and internationally. The company's Global Consumer and Small Business Banking segment offers savings accounts, money market savings accounts, certificate of deposits, individual retirement accounts, regular and interest-checking accounts, and debit cards; U.S. Consumer and Business Card, unsecured lending, and international card; consumer real estate products, including mortgage products for home purchase and refinancing, reverse mortgage products, and home equity products; and insurance services.

 

* On Thursday Bank of America agreed to buy back as much as $4.7 billion in auction-rate securities it sold to about 5,500 investors, small businesses and small charities before the market collapsed in February. Shares of BAC fell $2.47 or 11.18% to $19.63 on Thursday.

 

The daily HIGH 5 stocks are determined by the company's proprietary, internal algorithmic calculators. The result is five securities that are the most sought after to borrow, and have proven to be the hottest stocks to short that day.

 

LocateStock.com is the premier electronic securities lending company providing revolutionary, real-time, hard-to-borrow stock locates and market data to hedge funds and professional traders seeking an efficient and private way to borrow stock associated with short sales. The HIGH 5 is a daily financial news show that highlights stock inventory that is available for short sellers to legally borrow and stay in compliance with Regulation SHO. 

 

For an in-depth market analysis on each individual, hard to borrow stock, tune in daily to LocateStock TV, on http://www.locatestock.com/pressrelease.html

 

CONTACT:     pressrelease@locatestock.com / 201-332-6800

SOURCE:        Locate Stock, LLC