LocateStock.com Daily High 5 For Tuesday October 21, 2008

Jersey City, NJ – October 21, 2008

     

The LocateStock.com HIGH 5 for Tuesday, October 21^st are:

                        

5 – JP Morgan – NYSE:JPM

4 – Morgan Stanley – NYSE:MS

3 – Wells Fargo – NYSE:WFC

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.

* On Monday, credit ratings agency Fitch Ratings said the government's move to inject $25 billion apiece in JP Morgan Chase, Bank of America, Citigroup and Wells Fargo should help boost investor confidence, while reducing the amount of bank credit downgrades. Shares of JPM began the week up $1.33 or 3.38% to $40.66.

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 has managed to lure some top financial advisers from rival firms including Merrill Lynch. Two three-person teams have moved from Merrill Lynch to Morgan Stanley's Lake Oswego, Oregon, office, while Merrill's 16,000 other advisers are waiting to hear of retention offers from Bank of America. Shares of MS rose 53 cents or 2.75% to $19.77 on Monday.

 

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.

 

* On Monday, credit ratings agency Fitch Ratings said the government's move to inject $25 billion apiece in JP Morgan Chase, Bank of America, Citigroup and Wells Fargo should help boost investor confidence, while reducing the amount of bank credit downgrades. Shares of Wells rose 17 cents or .53% to $32.23 on Monday.

 

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.

 

* Bank of America's takeover of Merrill Lynch will lead to thousands of job losses, according to Merrill Lynch's CEO, John Thain. Thain said that most of the job cuts to come in information technology, operations and finance. Shares of BAC began the week up $1.16 or 4.99% to $24.40.

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.

* A U.S. jury on Monday found Parmalat SpA had defrauded Citigroup in a case stemming from the Italian dairy company's 2003 collapse, and awarded the bank $364.2 million in damages. The 6-1 verdict was handed down by a New Jersey state court jury after a trial lasting several months. Shares of C rose 21 cents or 1.41% to $15.09 on the news.

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