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Two Ways To Play: Trust in SunTrust

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Strengthen your portfolio in good times and bad.

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SunTrust (STI) shares surged nearly 7% today. The Atlanta, Georgia company released a statement distributed by PRNewswire-FirstCall, reaffirming its condition in response to recent commentary and market activity.

STI said second quarter 2008 net charge-offs are expected to be within the range it previously indicated, up 15% to 20% from 1Q.

Tier 1 capital ratio is expected to be approximately 8%.

The company also said that it expects to maintain its current dividend given its capital ratios and current views on credit. It doesn't see itself issuing additional shares of common stock.

From the Bull Pen: SunTrust shareholders relieved with today's statements can set sell-stops below today's low.

From the Bear Cave: We've mentioned M&T Bank (MTB) at $80. Bears can continue to press the downside with the expectation that this stock might see accelerated selling pressure should it break $70 support.
No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

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