WSJ's Untimely Bank Stock Call

The Wall Street Journal probably wishes it could’ve held this article, posted Saturday, back for a few days:

While the backdrop is troubled, some stocks could do well, including those of trust banks like State Street and Northern Trust, the well-managed J.P. Morgan Chase and asset-rich PNC Financial.

Northern Trust and State Street don’t have much credit exposure and trade at reasonable price/earnings ratios, relative to their historical levels.

How are thoseĀ  doing?

State Street down 50%
Northen Trust down 11%
JPM down 18%
PNC down 40%!

But just think how cheap they must be now!

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