Capital One & Fifth Third Rise On Opposite Calls (COF, FITB)

Posted in pre-market 
October 5th, 2009

Capital One Financial Corp. (NYSE: COF) was raised to the Conviction Buy List at Goldman Sachs.  This replaces Fifth Third Bancorp. (NASDAQ: FITB), although FITB was maintained as a BUY rating as well.  Interestingly, both shares are higher.  Capital One is up 4% at $34.52 on 66,000 shares at 9:00 AM EST, while Fifth Third is up 1.6% at $9.51 on about 25,000 shares.  It is very rare for a stock getting booted off that Conviction Buy List to rise, even if the underlying sentiment and call remains positive on the replaced stock.  Watch for volume to rise sharply in these as the specialist opens more and more shares up for trading closer to the 9:30 AM EST Opening bell.  JON OGG

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