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What: Shares of Zions Bancorporation
So what: Adjusted earnings per share came in $0.03 short of estimates at $0.30 per share, helped by the release of $1.5 billion in loan-loss reserves. Just for good measure, Stifel Nicolaus downgraded the company from buy to hold.
Now what: It's not surprising the stock dropped after a very disappointing earnings report. The company's net interest margin declined sequentially, something analysts at Jefferies & Co. expect to continue in coming quarters. I just can't see a good reason to jump on this drop today and would wait to see improvement in results before buying this stock.
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Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.
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