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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.
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