LocateStock.com Daily High 5 For Thursday October 16, 2008

Jersey City, NJ – October 16, 2008

     

The LocateStock.com HIGH 5 for Thursday, October 16^th are:

                        

5 – Wells Fargo – NYSE:WFC

4 – JP Morgan – NYSE:JPM

3 – Morgan Stanley – NYSE:MS

2 – Citigroup – NYSE:C

1 – Banc of America – NYSE:BAC

 

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.

 

* Merrill Lynch reported Thursday a third quarter net loss of $5.2 billion, or $5.58 per diluted share. In the same period last year, the New York-based investment firm lost $2.2 billion, or $2.82 per diluted share. The stock lost 17 cents or .51% to $33.35 ahead of the news on Wednesday.

 

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.

* JPMorgan Chase on Thursday became the largest U.S. bank by assets, surpassing long-time leader Citigroup. Shares of JP Morgan lost $2.22 or 5.45% to $38.49 ahead of the news.

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 fell yesterday after the American Bankers Association erroneously reported the bank would not be eligible to participate in a Federal Deposit Insurance Corp program to guarantee unsecured bank debt. Shares fell $3.54 or 16.34% to $18.13 on Wednesday.

 

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 lost $2.8bn in the third quarter after a sharp decline in revenues. Shares of Citi lost $2.39 or 12.84% to $16.23 on Wednesday.

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.

 

* Shares of Bank of America fell along with the broader market Wednesday despite an analyst upgrade. Buckingham Research Group upgraded the company to "Accumulate" from "Neutral." Shares fell $2.71 or 10.21% to $23.82 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