Research Alert - PNC Downgraded to 'Reduce' by Hoefer & Arnett Incorporated SAN FRANCISCO, May 11 /PRNewswire/ -- Hoefer & Arnett Inc. downgrades PNC Financial Services (PNC) to "reduce" from Neutral based on weakening earnings streams, deposit outflow continued -- loans down and lower 2Q earnings estimate by two cents to reflect the balance sheet restructuring charges. Separately, Riggs Bank, the Washington D.C. bank PNC is acquiring, recorded a net loss from continuing operations of $29.5 million or $0.92 per share, for the 1Q. All expressions of opinion reflect the judgment of the Research Department of Hoefer & Arnett, Inc. at this date and are subject to change. We have obtained information from sources considered reliable, but we do not guarantee that the foregoing report is accurate or complete. Other departments of Hoefer & Arnett, Inc. may have information, which is not available to the Research Department about companies mentioned in this report. Hoefer & Arnett, Inc., or its affiliates may execute transactions in the securities mentioned in this report, which may not be consistent with the report's conclusions. Hoefer & Arnett, Inc. may perform investment banking or other services for, or solicit investment-banking business from any company mentioned in this report. Partners, officers, employees and accounts controlled by Hoefer & Arnett, Inc. may own shares of any company mentioned herein. The Analyst certifies that the views expressed in this research report accurately reflect his personal views about the subject company and its securities. He also certifies that he has not been, is not, and will not be receiving direct or indirect compensation related to his views expressed or any specific recommendations that are contained in this report. Neither the Analyst nor any member of his family holds a position in PNC. Hoefer & Arnett Incorporated is a member of the National Association of Securities Dealers, CRD number 10883. DATASOURCE: Hoefer & Arnett Incorporated CONTACT: Carolyn Ottis of Hoefer & Arnett Inc., +1-415-538-5703 Web site: http://www.hoeferarnett.com/

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