Popular Shares Got Crushed: What You Need to Know
Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of financial services company Popular (NAS: BPOP) have fallen 16% in intraday trading Monday on further economic worries.
So what: This is part of a massive bank sell-off today on continued worries that Greece will default. This seems to be a case of "same story, different day," but financials from Popular to Bank of America (NYS: BAC) to Barclays (NYS: BCS) are taking it on the chin today.
Now what: The Greek situation has been driving the market for more than a month, and after some positive developments last week we're back to panic mode. Shares of Popular have been falling for most of the year, and the banking decline in recent months has only hurt the stock. Popular did report a better-than-expected earnings report last quarter, so I would like to see how the third quarter was before jumping into these dangerous waters with both feet.
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At the time this article was published 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.The Motley Fool owns shares of Bank of America. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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