Deutsche Bank AG (DB) saw a big move last session, as the company’s shares fell by nearly 7% on the day. The move came on pretty good volume too with far more shares changing hands than in a normal session. This stock, trading at a volatile range of $29.87–$32.31 in the past one-month time frame, showed a sharp decline yesterday at $30.10.
According to Bloomberg on Jun 26, Frankfurt – based Deutsche Bank AG DB planned to conduct 100 layoffs in most of its divisions in Russia. The retrenchment followed reduction in deals due to an economic meltdown in Russia.
Although this slump was obviously disappointing, the banking company has seen 1 positive revision and its current year earnings consensus has moved higher over the past few weeks. This suggests that the recent slump might be a temporary blip on the radar for DRYS. So make sure to keep an eye on this stock going forward to see if yesterday’s price decline is confirmed by more weakness, or if it can rebound in the weeks ahead.
DB currently has a Zacks Rank #3 (Hold) while its Earnings ESP is 0.00%.
Another better-ranked stock in the same sector is BBVA Banco Francés S.A. (BFR) with a Zacks Rank #1 (Strong Buy).
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