1 year ago
Wednesday, October 1, 2008
Pittsburgh National Cick-Ass (PNC)
One story that I'm surprised is not getting more attention in the Burgh is how WELL PNC is doing this year. Take a look at this comparison between PNC and XLF (an ETF that tracks the Financial Services Sector). If you can't read the little font, it says that PNC is UP over 19% on the year while XLF is DOWN over 22%. There are VERY few financial services businesses out-performing PNC and the longer this crisis continues the better the chance that PNC becomes one of the top 5 or so banks in the United States before this is over. PNC's inflated stock prices and other financial institutions extremely deflated stock prices lends itself to a good environment for PNC to acquire strugling banks with stock. After losing the headquarters of Mellon, it's nice to see the Financial Sector of Pittsburgh fighting back.