LocateStock.com Daily High 5 For Thursday October 23, 2008

Jersey City, NJ – October 23, 2008

     

The LocateStock.com HIGH 5 for Thursday, October 23^rd are:

                        

5 – Wachovia – NYSE:WB

4 – JP Morgan Chase – NYSE:JPM

3 – Wells Fargo – NYSE:WFC

2 – Banc of America – NYSE:BAC

1 – Citigroup – NYSE:C

 

Wachovia Corporation, (NYSE:WB) a financial holding company, provides commercial and retail banking services, and other financial services in the United States and internationally. Its deposit products include savings, NOW, money market, and interest-bearing checking accounts, as well as noninterest-bearing deposits and other consumer time deposits.

 

* Wachovia reported a miserable third quarter on Wednesday. The bank reported a net loss of $23.9 billion during the quarter, after taking an $18.8 billion goodwill impairment charge ahead of the Wells Fargo deal's completion in the fourth quarter. Shares of WB lost 38 cents or 6.24% to $5.71 on the news.

 

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.

 

* JP Morgan hired two senior ex-Lehman Brothers employees on Wednesday to head its global oil trading and marketing divisions, according to an internal company note obtained by Reuters. Shares of JPM lost $2.57 or 6.47% to $37.17 on the news.

 

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 Wednesday Wells Fargo Chairman Dick Kovacevich said he expects governments around the world to do whatever necessary to restore normal functioning of the global financial system. The banker anticipates the nation will emerge from recession early next year. Shares of WFC lost $1.34 or 4.11% to $31.30 on the call.

 

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.

* The Bank of America board approved Pricewaterhouse Coopers as Countrywide Financial's independent accountant on Wednesday. According to a Countrywide filing with the SEC, PricewaterhouseCoopers is BofA's principal accountant. Shares of BAC fell $1.31 or 5.47% to $22.66 on Wednesday and are down more than 7% so far this 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 again on Wednesday 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 86 cents or 6.06% to $13.32 on the news. The stock is down almost 12% so far this 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