Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of regional bank Wilmington Trust (NYSE: WL ) plunged as much as 10% in intraday trading, as foreclosure concerns hit U.S. financial stocks hard.
So what: The attorneys general of all 50 states unveiled a joint investigation into the mortgage industry's conduct during foreclosure proceedings, sending shares of banking giants such as Bank of America (NYSE: BAC ) , Citigroup (NYSE: C ) , and Wells Fargo (NYSE: WFC ) down about 5%, as well. JPMorgan (NYSE: JPM ) and PNC Financial (NYSE: PNC ) have shed about 4%.
Now what: It's already been a stressful October for Wilmington shareholders. Just last week, the shares were smacked down after reports surfaced that the company was looking to raise new capital, only months after selling $274 million in stock. When you couple the fact that it still owes more than $300 million in TARP money with today's fresh foreclosure concerns, Wilmington doesn't exactly feel like the tastiest turnaround situation.
Interested in more info on Wilmington? Add it to your watchlist by clicking here.