National City (NCC, news, chart) saw active trading this morning, but now shares are halted after the company issued a press release intended to ease concerns about the bank’s financial situation. Shars are down $1.21 to $3.21 and 8,000 NCC puts have traded on the day, compared to 3,400 call options. In the press release, the company says “National City is experiencing no unusual depositor or creditor activity. As of the close of Friday’s business, the bank maintained more than $12 bln of excess short-term liquidity. Further, as a result of our recent $7 bln capital raise, National City maintains one of the highest Tier I regulatory capital ratios among large banks.”
About the Author (Author Profile)
Frederic Ruffy is a well-known trader, writer, and strategist who has spent years educating investors and creating intelligent, insightful, unbiased market observations that are frequently cited by the Wall Street Journal and other financial publications. As senior analyst, Fred provides frequent and regular notes and daily updates for activity of interest.