KEY announces a two-thirds dividend cut.
After Senate Majority Leader Reid's decision to bring the Senate version of the "Bailout Plan" to a vote, financial stocks bounced higher on hopes that the bill would pass.
Congress voted against the $700 billion plan to purchase distressed assets in an effort to help banks clean up their balance sheets, sending shares plummeting.
An analyst at RBC Capital Markets upgrades KEY from "underperform" to "sector perform," sending shares higher.
After an adverse court ruling on the treatment of leveraged leases, KEY announced it would raise $1.5 billion in equity offerings. Execuives predicted a $1.1-1.2 billion loss in the second quarter due to the charge.