Analysts downgraded their outlooks for companies as varied as Bank of America Corp. and TCF Financial Corp. Thursday, citing credit-quality concerns and price.
Bank of America continued to slide as the market reacted to its negative outlook on credit quality. Shares of the Charlotte, N.C., banking company gained during the morning, reaching $42.9375, before falling again. The stock closed down 12.5 cents, or 0.3%, at $41.875. Catherine Murray of J.P. Morgan & Co. downgraded the stock to "market performer" from "buy." Bank of America said Tuesday that its fourth-quarter net chargeoffs could be more than double the third-quarter total, largely because of its exposure to a single large credit widely believed in the market to be part of a $1.5 billion loan to Sunbeam Corp.