Banking / Finance
Compiled by James S. Granelli / Times staff writer
Tough All Over: Shares of CommerceBancorp in Newport Beach also suffered a big drop, hitting a 12-month low of $5.50 a share last week.
The company, which owns CommerceBank, recently restated its third-quarter financial results to report a loss instead of a profit. That probably caused the stock to nose-dive, said research analyst Mark Matheson.
CommerceBancorp traded over the counter Tuesday at $5.25 a share bid; $7 a share asked.
“That means if you want to buy it, you have to pay $7, and if you wanted to sell it right away, you’d have an immediate loss of $1.75,” he said. “When there’s that wide a spread between the bid and asked price, everyone is playing it safe and no one wants to make any commitments.”
