LocateStock.com Daily High 5 For Monday October 20, 2008

 

Jersey City, NJ – October 20, 2008

     

The LocateStock.com HIGH 5 for Monday, October 20^th are:

                        

5 – JP Morgan – NYSE:JPM

4 – Wells Fargo – NYSE:WFC

3 – Morgan Stanley – NYSE:MS

2 – Banc of America – NYSE:BAC

1 – Citigroup – NYSE:C

 

JP Morgan 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.

* JP Morgan Chase on Thursday became the largest U.S. bank by assets, surpassing long-time leader Citigroup. Shares of JP Morgan lost $1.16 or 2.86% to $39.33 and closed the week down more than 6%.

Wells Fargo & Company, (NYSE:WFC) through its subsidiaries, operates as a financial services company in the United States. It operates in three segments: Community Banking, Wholesale Banking, and Wells Fargo Financial.

 

* Wells Fargo and the Neighborhood Assistance Corporation of America announced Friday a joint initiative to help Wells Fargo homeowners behind on their mortgage payments. NACA and Wells Fargo will work with borrowers to achieve an affordable mortgage payment to keep customers in their homes over the long-term. The stock lost $1.84 or 5.43% to $32.06 on Friday.

 

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.

 

* Shares of Morgan Stanley rose 99% last week despite the American Bankers Association erroneously reporting the bank would not be eligible to participate in a Federal Deposit Insurance Corp program to guarantee unsecured bank debt. Shares rose 55 cents or 2.94% to $19.24 on Friday.

 

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 Friday the U.S. Department of Justice approved Bank of America's acquisition of Merrill Lynch. On Sept. 15 BofA agreed to buy Merrill for about $50 billion. The deal is slated to close in the first quarter and is subject to approval by both companies' shareholders. Shares fell $1.01 or 4.16% to $23.24 on the news. The stock rose more than 11 percent on the week.

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.

* Citigroup reported Thursday that it lost $2.8 billion in the third quarter after a sharp decline in revenues. Shares of Citi lost $1.02 or 6.42% to $14.88 on Friday. The stock fell 5.5% on the week.

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