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Stock Analyst Update

Bad News Lingers over Bank One

Mid-quarter update includes veiled earnings warning.


Shareholders of Bank One (ONE) have good reason to be skeptical of this company. The Chicago-based bank released a prerecorded message to shareholders Friday morning that was intended to reassure investors that the company's first-quarter earnings are on track. But Wall Street didn't buy it.

Many interpreted the message as a veiled earnings warning, and Bank One's beaten-down stock fell another 5% to 25 by the close of trading. Leading up to Friday's opening bell, the shares had been off 50% since August, when Bank One first disclosed problems in its credit-card division.

Laura Pavlenko Lutton does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.