Stocks

CNB

Posted in Stocks on April 2nd, 2009 by Scott – 7 Comments

With the turbulence of today’s economy, it is almost impossible not to get sick to your stomach when you pull up financial news. I typically use Google Finance for my day-to-day news source, and the market’s fluctuations are just mind boggling.

One of the stocks that I am currently watching, CNB – Colonial Bancshares – is having a heck of a time staying afloat. In the minute or so that I have been writing this post, I have watched the stock go from $1.05 to $.96, back to $1.03 and then down to $.93. We are all hoping for some good news about their TARP injection, but hope doesn’t make money.

In order for them to receive their $550 million stimulus, they first had to raise $300 million…which they almost did. The investors who are agreeing to fund Colonial, though, want the holding company to go back to the government to verify that if the investors provide $300 million, then they will fork up the TARP money (back up to $.958). Only time will tell, but I wonder how many other companies out there are going through something similar…any thoughts?

-Scott

CNB On Google