Thursday, July 8, 2010

Financials Overview from yesterday $GS $STT $XLF

· Financials surged ~4.5% and were the best performing sector in the market; STT’s
earnings update + technicals (sp500 up through 1040 and the XLF up through 14)
drove the rally.
· Brokers – strength across the board – MS, JEF among the leaders (each up ~4%);
GS, PJC, RJF, SF, LAZ all up ~3%.
· Asset managers – steep rally across the board – AMG, AB, BLK, EV, BEN, JNS,
TROW, LM, IVZ all up ~4%+ (JNS was up 7%).
· Exchanges – NYX was off for most of the morning but the stock rallied back to end
the day up ~2%.
· Banks – STT sparked a big rally in the space – the stock ended up ~9% on back of
its upside earnings release today. NTRS and BK both rallied 6-7% in sympathy.
Regional banks all rallied – STI climbed >8% (Barclays takeover spec mentioned on
Bloomberg) while CMA, KEY, FITB, TCB, ZION were all up more than 6%. In the
money centers, WFC rallied 6%. Earnings for the space kick off next Thurs.
· Best performing sp500 financials: STT, MI, HBAN, STI, KEY, PNC, JNS, FITB,
GNW, ZION. There was no SP500 financial that finished in the red.


No comments:

Post a Comment