Financials
· The financial tape has had a nice bid to it all session – the strength was pretty
broad, w/most credit-sensitive names catching a bid (regional banks were especially
strong).
· Asset managers – the group trades up ~1%+ on the day; strength is broad; EV dips
into the red though post earnings.
· CME climbs 5% and has been outperforming for most of the session today.
· Life insurance – the group trades up close to 2% today. PFG, PL, HIG, PRU, MET
all up 2-4%.
· Banks – strength across the board today. The capital market sensitive stocks (like
BoA, C, MS, etc) benefiting from the WSJ article talking about watered-down
“Volcker Rules”. Among the regional banks, CMA, BBT, FITB, KEY, MI, STI all climb
3-4%.
· MI/financial guarantors – the group sees some profit taking after a strong session
on Tues; MTG, PMI, RDN, ABK dip into the red.
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