Finance
NYCB Rout Deepens as Analyst Downgrades Pile Up After Earnings Shocker
- Index of banking peers has declined 8% across two days
- At least five Wall Street firms have downgraded NYCB
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New York Community Bancorp tumbled for a second straight day as Wall Street downgrades piled up and Moody’s Investors Service put the lender on review for a credit-rating cut.
The company’s shares closed at their lowest level since 2000 on Thursday, sinking 11% and adding to the prior day’s record 38% plunge. Regional bank peers slumped as well, with a closely watched index extending its two-day drop to 8%, the most since the sector’s tumult in March roiled financial markets.