Bank stocks slipped Monday, amid continued concerns about earnings growth and a general selloff in the market.
Leading the way down were shares of First Chicago Corp., which fell $1.625 to $42.375. The bank announced it was acquiring Lake Shore Bancorp. NationsBank shares fell 75 cents to $46.375.
One of the few bank stocks to hold up during the day was Norwest Corp. Its shares ended the day unchanged at $23. Merrill Lynch & Co. upgraded the intermediate-term rating of the Minneapolis bank to "above average" from "neutral." Merrill's long-term rating remains "buy."