Wachovia ( WB | Quote | Chart | News | PowerRating) fell nearly 14.5% to close at 16.24, expanding the 2.6% drop, to 18.50, seen in the pre-market session after the stock was cut to Underperform from Neutral by Merrill Lynch ( MER | Quote | Chart | News | PowerRating). Merrill cited a weaker outlook for credit losses, weaker brokerage and investment banking revenue and possible impairment charges. Merrill also cut its price target on WB to $16 from $18.
WB already was an active mover in Monday's extended hours after the company tapped Carlyle Group's David Zwiener as its new CFO.
In seven analyst actions MidnightTrader has tracked over the last year, including today, WB had narrowed its pre-market trade in the following regular session each time, save for today's action.
9/09/08 Pre-Market: -2.6% to 18.50; 9/09/08 Regular Session: -14% at 16.35 - Merrill Lynch cut to Underperform from Neutral.
7/15/08 Pre-Market: -12% to 8.66; 7/15/08 Regular Session: -7.7% at 9.08 - Oppenheimer ( OPY | Quote | Chart | News | PowerRating) cut to Underperform from Perform.
7/10/08 Pre-Market: -10.4% to 12.83; 7/10/08 Regular Session: -8.1% at 13.13 - RBC Capital Markets cut share price target to $13 from $20.
7/9/08 Pre-Market: gain to 16.29; 7/9/08 Regular Session: -8% at 14.29 - Merrill Lynch upgraded to Neutral from Underperform.
6/10/08 Pre-Market: -2.1% at 18.50; 6/10/08 Regular Session: +4.61% at 19.76 - Morgan Keegan cut EPS estimates, predicted dividend cut.
12/17/07 Pre-Market: -1%; 12/17/07 Regular Session: +1.2% at 39.48 - Citi ( C | Quote | Chart | News | PowerRating) cut to Hold vs. Buy.
12/12/07 Pre-Market: +1%; 12/12/07 Regular Session: -5.3% at 39.71 - Merrill Lynch cut to Sell vs. Hold.
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