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Analyst: Comerica still strong despite big one-day decline.(News)
Crain's Detroit Business, April, 2006 by Henderson, Tom
Byline: Tom Henderson Despite a quarterly earnings report Wednesday that caused the biggest one-day decline in its share price since 2002, Comerica Inc. remains on strong footing, said Jeff Davis, managing director of FTN Midwest Securities Corp., a Cleveland-based institutional research firm.
Detroit-based Comerica's share price closed Tuesday at $60.07. It closed Wednesday at $55.93 on volume of 3.2 million shares, down 6.9 percent on about six times the average daily volume for April 6-17. Shares closed Friday at $55.33. Davis said the drop was due to an unexpected decline in the bank's net-interest margin from 4 percent to 3.8 percent, and not because net income fell from $199 million in the first quarter last year to $194 million. He said the...
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