NEW YORK – Wachovia Corp. shares dropped Thursday, amid steep declines in the broader market, as an unexpected spike in jobless claims and dour retail sales reports further rattled investors.
Wachovia (nyse: WB – news – people ) shares lost $1.30, or 7.6 percent, to $15.88 in late afternoon trading. The stock has traded in a 52-week range of $7.80 to $53.10.
Wachovia is among the banks hardest hit by the ongoing trouble in the credit and housing markets. Its stock has lost more than half its value this year. And as the end of the third quarter looms, its likely that investors are worried that the Charlotte, N.C.-based bank will report another hefty loss.
