Regional bank stocks were mixed Friday in line with the broader market, as Wall Street waded through financial reports from a number of sector giants _ including Citigroup Inc. and Merrill Lynch & Co.
Earlier Friday, Citi reported a $2.5 billion second-quarter loss due to write-downs tied to deteriorating credit markets. The results surpassed projections, and followed better-than-expected earnings from JPMorgan Chase & Co. and Wells Fargo & Co.
Brokerage Merrill Lynch, however, reported late Thursday a wider-than-expected quarterly loss and write-downs from losing investments in the debt markets approaching $40 billion. Credit card company Capital One Financial Corp. also Thursday posted a larger-than-expected drop in profit.
In afternoon trading, shares of regional bank Keycorp rose 83 cents, or 7.7 percent, to $11.60 in midday trading. National City Corp. added 18 cents, or 4.3 percent, to $4.40, while First Horizon National Corp. gained 12 cents to $8.34.
Washington Mutual Inc. jumped 30 cents, or 6 percent, to $5.29.
Among the decliners were Zions Bancorp, which fell $2.25, or 8.1 percent, to $25.26, after reporting disappointing quarterly results last night.
Others who reported better-than-expected results earlier in the week gave back their gains.
BB&T Corp., lost 79 cents, or 2.9 percent, to $26.84, and Marshall & Ilsley Corp. dipped 44 cents, or 3 percent, to $14.08. PNC Financial Services Group Inc. slid $1.58, or 2.4 percent, to $64.17.
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