Thursday, May 6, 2010

Financials Update

· Financials – seeing big sell-off in all the credit-exposed names as part of the broader de-risking taking place around the market.  Bids appearing in the insurers and other “safer havens”.  KIM is higher after earnings. 

· Brokers – the group is for sale today.  ETFC, MS, JEF, RJF all off ~3-4%.  GS is dwn 1%.  Gasparino on Fox Business is reporting again about Goldman commencing settlement talks w/the SEC (today Gasparino added that the settlement could cost $1-5B).  

· Asset managers – the group is getting hit across the board; AMG, EV, BEN, JNS, TROW all among the weakest stocks. 

· Life insurance – PRU was higher earlier today but is back lower (its earnings last night were strong).  PL shrs are up ~1% - also on earnings.  Other life stocks are for sale. 

· Financial guarantors – the whole group is off across the board.  MTG, PMI, GNW, MBI, RDN all off several %.

· FNM, FRE – both stocks are off 7% on the day after FRE’s earnings release. 

· Best performing sp500 financials: KIM, COF, PGR, TRV, PRU, CB, ALL, CME, STT

· Weakest performing sp500 financials: ETFC, ZION, MI, KEY, PLD, RF, MS, CBG, FITB, BAC

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