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Bank Stocks Getting Slammed: KeyCorp (KEY)

Bank Stocks Getting Slammed: KeyCorp (KEY)

Showing that it’s not just the big commercial and industrial banks that are getting hit, but regional banks as well, KeyCorp (NYSE:KEY) shares are on the slide, too.

When it last reported quarterly numbers on April 20, investors cheered the top- and bottom-line beat with earnings of 32 cents per share four cents ahead of estimates on a 44% jump in revenues thanks to the rollup of the First Niagara acquisition.

But the good times are long gone, with shares falling away from six-month overhead resistance near the $19-a-share level, closing in on critical support near $17.

A breakdown would trace a decline to a target of $14.50, a decline of around 17% from here that would represent the first violation of the 200-day moving average since August.

Anthony Mirhaydari is founder of the Edge (ETFs) and Edge Pro (Options) investment advisory newsletters. Free two- and four-week trial offers have been extended to InvestorPlace readers.

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