As reported in this morning's Opening View, HSBC Holdings announced that it would move 2 of its structured investment vehicles onto its balance sheet and provide up to $35 billion in funding for the duo. This continued credit crunch for the bank has forced HBC shares about 16% lower since peaking at the end of October. Furthermore, the equity is now trading below key long-term support at the 85 level.

Not surprisingly, sentiment is pretty dour on HBC. Besides a Schaeffer's put/call open interest ratio (SOIR) of 2.31 (indicating that puts more than double calls among near-term options) and an increase of 35% in short interest during the most recent reporting period, analysts are also jumping on the bearish bandwagon. Specifically, Zacks reports that 5 of the 8 brokerage firms following HBC rate it a hold or worse. While today's announcement could be seen as a step in the right direction on disclosure, the possibility of more write-downs from financial concerns could hold these naysayers in place for a while.