Friday, October 28, 2011

Fifth Third Bank 1 year stories

Fifth Third's stock shot up at the end of 2010. News articles from that period indicate they had just settled an overdraft lawsuit at $10 million and their 3rd quarter earnings reported as more than doubled. This news came out right before the stock rose.
The stock steadily declined from that high, but then dropped precipitously from late June 2011 to early August. It was difficult to find any news stories that explained this behavior, but the stock does mirror the overall pattern in NASDAQ and DOW indexes.
The stock has, in recent months, steadily climbed upwards. Recent news stories report that banks overall did well in the 3rd quarter of 2011, and that Fifth Third's profits increased 2.5 times in that quarter.

http://www.bizjournals.com/louisville/news/2011/10/20/fifth-third-profits-more-than-double.html
http://www.cleveland.com/business/index.ssf/2010/12/fifth_third_settles_overdraft.html
http://www.thestreet.com/story/10930418/1/us-banks-earned-145-billion-in-q3.html
http://www.cleveland.com/business/index.ssf/2011/07/fifth_third_profits_increase_2.html

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