Why Ally Financial Shares Are Plunging Today
A top executive from Ally Financial (NYSE: ALLY) sounded the alarm on the state of the U.S. consumer during a financial conference Tuesday, and investors heeded the warning, sending Ally's shares down by 17.7% as of 2 p.m. ET.
Ally is a consumer-focused online bank with significant exposure to auto loans. It was once the lending arm of General Motors, but has been an independent company since 2008. The bank has a lot of exposure to consumer lending, and the stock tends to be volatile when there are concerns about the health of the economy. On Tuesday, Chief Financial Officer Russ Hutchinson made comments during an investor conference that put investors on watch.
Speaking at the Barclays Global Financial Services Conference, Hutchinson warned that credit challenges are intensifying and said these conditions could lead to Ally underperforming in the quarters to come.
Source Fool.com
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