Ally Financial inches up after Tuesday's sell-off

Ally Financial

11/09/2024 13:11

** Shares of consumer lender Ally Financial  ALLY.N  rise
0.5% to $32.82 premarket
    ** ALLY plunged 17.6% on Tuesday after its finance chief
warned that credit challenges had intensified over the current
quarter as its borrowers struggle with high inflation and cost
of living
    ** CFO Russell Hutchinson warned that ALLY will see some
underperformance given the number of struggling borrowers and
added that he expects reserves to move up
    ** BofA Global Research sees the weakness in ALLY shares as
a buying opportunity, but adds that it understands investor
skepticism until credit issues stabilize
    ** Brokerage KBW says this might be a good buying
opportunity for longer-term investors given ALLY remains a
strong name in the backdrop where rates are declining        
    ** As of last close, ALLY shares down 6.45 YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))