PNC Description — PNC Financial Services Group (The)
The PNC Financial Services Group is a bank holding company. Co. is engaged in retail banking, corporate and institutional banking, asset management, and residential mortgage banking. Co.'s primary geographic markets are located in Pennsylvania, Ohio, New Jersey, Michigan, Illinois, Maryland, Indiana, North Carolina, Florida, Kentucky, Washington, D.C., Delaware, Alabama, Virginia, Georgia, Missouri, Wisconsin and South Carolina. Co. has six segments: retail banking, corporate and institutional banking, asset management group, residential mortgage banking, BlackRock, and non-strategic assets portfolio. At Dec 31 2012, Co. had total assets of $305.11 billion and deposits of $213.14 billion.
In the wake of broader market weakness, the Financial Select Sector SPDR (NYSE: XLF) sold off violently Tuesday, falling out of a bear flag formation. It also snapped its November 2012 uptrend line, similar to the S&P 500, and it is now trading below its 100-day simple moving average for the first time since November 2012.
On the chart, the break of these important support zones is evident. Given the importance of the financial sector, Tuesday's developments also likely mean more weakness ahead for the broader market in the coming weeks.
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