Stock Trading Alert: PNC Financial (NYSE:PNC) Shares Opens Down 4%

Shares of PNC Financial Services (NYSE:PNC) are moving lower after the company swung to fourth-quarter profit and results are higher than the Wall Street’s expectations.

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PNC Financial reported fourth-quarter profit of $1.01 billion, or $2.17 a share, reversing a year-earlier loss of $269 million. The company said it would have earned 90 cents a share excluding a $687 million gain related to the BlackRock acquisition of Barclays Global Investors and integration costs. Higher-than-expected cash collections on impaired commercial loans also helped profitability, the bank said.

Analysts polled by FactSet expected earnings of $1.23 a share. Credit-loss provisions were $1.05 billion, compared to $990 million in the fourth quarter of 2008.

Shares of PNC are down 3.50% to $56.49.

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