Winners of the Day

BofA: Financial Winners and Losers

Stock quotes in this article: BAC , C , JPM , GS , UBS , TRV , AGO  

NEW YORK (TheStreet) -- Bank of America (BAC) and other bank stocks were trading lower Tuesday, one day after a famed bank analyst Meredith Whitney said she is more bearish on the sector than she has been in the past year.

Whitney appeared late Monday on CNBC and said she hasn't been this bearish on banks in a year, reiterating her belief that bank stocks will go back to tangible book value. Whitney, who gained acclaim in late 2007 for foreseeing many of Citigroup's (C) problems before leaving Oppenheimer to start her own advisory firm, added that banks may have to start another round of capital raising.

BofA shares were lately down 1.5% to $15.63, Citigroup was giving back 0.2% to $4.17, and JPMorgan Chase (JPM) was off 0.5% to $42.81. Goldman Sachs (GS), which had been Whitney's only buy rating until she downgraded shares to neutral in October, was falling 0.5% to $176.35.

Swiss bank UBS (UBS) fell by 4.6% to $16.55 even after it said it's aiming to post an annual profit before taxes of about 15 billion Swiss francs ($14.85 billion) and return-on-equity of 15% to 20% over the next three to five years. UBS's profit goals were part of a presentation the company made to investors Tuesday regarding its transformation plans.

"The transformation we are undertaking is a fundamental one and it will not happen quickly, said CEO Oswald Gruebel. "I am determined, however, that we build a firm for sustainable profit and not one to focus only on short-term expectations."

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