Barclays (BCS) must be pretty freaked out by the stomach-churning drop in its share price this afternoon. The UK wants everyone to know that it’s still doing fine, better than fine, even.
Reuters: In a statement issued after the bank’s shares closed down 24.85 per cent, it said: “The board of Barclays knows no justification for the fall in the share price.
“Barclays will announce full results for the year ended Dec. 31, 2008 on Feb. 17, 2009.”The board of Barclays expects to report profit before tax for the year, after reflecting all costs, impairment and market valuations, well ahead of the 5,300 million pounds ($7.91 billion) consensus estimate of sell-side analysts.”
Got that? It’s doing much better than current estimated profits. The market is relieved, as the stock is only down 12%.
Barclays Crash, Stock Off 28%