· Brokers – GS, MS trade lower on FT article talking about tougher Volcker Rules being implemented, but AMTD, SCHW, etc, trade higher on expectation of strong customer volumes (on heels of IBKR and TRAD volumes).
· Asset managers – mixed-to-lower action in the group; pretty quiet for the most part; TROW and BEN lag while FII outperforms.
· Life insurance – equity action for the most part; LNC moves higher following pos. credit action from Fitch.
· Banks – the group is under pressure; regionals dwn ~1-1.5% (CMA, PNC, STI, USB, ZION, WFC among weakest). C notable outperformer in money centers while others are for sale. STT outperforms among money centers.
· Non-life insurance – space trades well; a lot of optimism around pricing w/all the press around the Deepwater rig and an unusually active hurricane season. Brokers in particular are strong today.
· Cards – V/MA both trade well on optimism that the Durbin amendment will be softened or killed entirely during the reconciliation process that starts this Mon (there was an article on American Banker this morning talking about his).
· AGO – the stock is hit after Buffett makes neg. comments about the outlook for muni debt (on Bloomberg)
· SLM – one of the best performing sp500 financial following remarks from mgmt at Keefe Bruyette conf....says to expect major structural change.....earnings to come in towards high-end of guidance and dividend could come soon
· Best performing sp500 financials: FII, SLM, SCHW, CBG, STT, LNC, AIV, C, HCBK, PRU
· Weakest performing: PNC, MI, BEN, USB, CMA, FHN, COF, HIG
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