LocateStock.com Daily High 5 For Wednesday October 22, 2008

Jersey City, NJ – October 22, 2008

     

The LocateStock.com HIGH 5 for Wednesday, October 22^nd are:

                        

5 – Morgan Stanley – NYSE:MS

4 – Wells Fargo – NYSE:WFC

3 – Nasdaq OMX Group – NASDAQ:NDAQ

2 – Banc of America – NYSE:BAC

1 – Citigroup – NYSE:C

 

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.

 

* Goldman Sachs analyst William Tanona advised investors Tuesday to sell Citigroup shares because the bank will struggle to make money over the next year. Goldman also put Citi on its "Conviction Sell List," highlighting that the shares are more expensive than rivals such as Morgan Stanley. Based on such valuation discrepancies, Goldman recommended a pair trade in which clients sell Citi stock and buy Morgan Stanley shares. Shares of MS rose 43 cents or 2.18% to $20.20 on Tuesday. The stock is up 5% this week.

 

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.

 

* A lawsuit seeking to block the sale of Wachovia to Wells Fargo has been filed in a North Carolina court on Tuesday. One reason for the suit is a move by Wachovia to allot Wells Fargo 39.9 percent of preferred stock for the vote, which means only about 11 percent of shareholders need to approve the deal rather than 51 percent. Shares of WFC rose 41 cents or 1.27% to $32.64 on Tuesday.

 

The NASDAQ OMX Group, Inc. (NASDAQ:NDAQ) provides trading, exchange technology, and public company services worldwide. It offers trading across various asset classes, including equities, derivatives, debt, commodities, structured products, and exchange traded funds; capital formation solutions; financial services and exchanges technology; market data products; and financial indexes.

 

* Last week, the parent company of the Nasdaq Stock Market filed a request with the U.S. Securities and Exchange Commission to temporarily suspend the minimum price requirement that protects listed companies from becoming penny stocks. Shares of NDAQ fell 35 cents or 1.05% to $33.09 on Tuesday.

 

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.

 

* Merrill Lynch's head of strategy will likely leave the bank with as much as $25 million in compensation, while three other top executives are set to stay at the firm once it combines with Bank of America. Shares of BAC fell 43 cents or 1.76% to $23.97 on Tuesday but are still up 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 shares skidded Tuesday after Goldman Sachs slapped the stock with a "sell" rating, recommending a paired trade: That investors sell Citigroup short and buy Morgan Stanley shares. Citigroup fell 91 cents or 6.03% to $14.18 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