I wonder if now is a good time to accumulate some NCC stocks since several banks are competing trying to purchase National City Bank. Anyone has an opinion?
From a technical point of view the stock has low relative strength, and has three levels of downtrends to make it through. I would not consider buying it until it reached 12.50. It's just a personal thing with me. I want a stock that shows at least some sign of strength. So far, this one hasn't shown any yet. If you are just hoping they will be bought out, or plan to hold for the long term then you probably don't have much to lose.
i could be wrong but i do not think banks where competing to buy NCC. I thought NCC was begging someone to buy them, right now im guessing there are some banks low balling NCC, maybe $5 or $6, ok they own $250 million of V, but how much mortgage exposure do they have? im guessing right now a bank thats buiness is home loans based in Ohio wont get too much, and why would NCC be selling right now with there price 1/4 of the 52 week high. IM guessing its becuase they dont have a choice
There is no comparison to BSC. If the fed opened up their borrowing window 3 days before they allowed bsc to be acquired then bsc would still exist.
your right, but why would a company that lost 3/4 its value in the past year activly be shopping themselves? without question it will be a takeunder if they can find a bank willing to take on there risk, which most banks are not in the position to do. If your in a industry that is doing very poorly and your stock price as been adversely affected, you do not look to sell yourself unless its one of your last options
I agree with you on the probable take under. If they have the ability to weather the storm it might be a good long term hold, but since I don't get involved in fundamentals I have no idea.