· 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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