National City Corp., Cleveland, has been tagged the "Bear of the Day" for March 6 by Zacks Equity Research, Chicago. Zacks said National City's fourth-quarter loss and full-year earnings were "substantially worse than the estimates," chiefly due to higher loss provisions and mark-to-market losses on mortgage loans held for sale. "Though NCC has taken several initiatives to restructure its mortgage operations, we continue to see elevated risks in NCC's mortgage and residential development loan portfolio and expect higher losses in the coming quarters," Zacks said. "We are maintaining our Sell rating and our six-month target price of $14 per share for NCC." The research firm can be found online at http://www.zacks.com.
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