New York Community Bancorp stock sinks further after report it's trying to raise cash

New York Community Bancorp’s stock is plunging even more. It dropped below $2 Wednesday and is down more than 80% for the year so far, and trading was halted in the afternoon pending news. A report from The Wall Street Journal earlier in the day said the lender is considering raising cash through the sale of stock in order to shore up confidence in it. Such moves can strengthen a bank’s balance sheet, but they can also send a signal that frightens investors and customers. NYCB has been struggling since reporting a surprise loss for its latest quarter tied to losses related to commercial real estate.