SAN FRANCISCO (MarketWatch) -- SunTrust Banks Inc. STI +4.83% said late Thursday that it will sell Coca-Cola Co. KO +1.71% shares worth $1.2 billion as part of the effort to strengthen its balance sheet. "SunTrust accelerated the termination of the agreements regarding the shares owned in the Coca-Cola Company. This will generate a third quarter pre-tax gain of approximately $1.9 billion," said SunTrust in a statement. It will also set aside $375 million provision for mortgage repurchase losses and transfer about $3 billion of loans in a bid to improve its risk profile.
The only reason they are selling is to re-coup some of their losses from bad real estate deals and protect their own share price. The Coke secret formula was stored in a Sun Trust valut before being moved to the Coke museum. Sun Trust is a long time Coke supporter.
Strong sell? Your kidding your getting a golden opportunity to buy one of the best iconic companys there is. I would switch your strong sell to Sun Trust! Looks like the Roth is getting some of the real thing tommorrow!