Thursday, September 23, 2010

Financials - It was a Broke Back Mountain Moment for some Brokers

Brokers – the group was under pressure for most of the session; more sell-side number cuts (BoA/Merrill and Rochdale today and Deutsche Bank yesterday) and the disappointing JEF earnings continue to weigh.  JEF falls nother 2%+.  GS finishes off nearly 2%.  MS was a mild outperformer.  PJC is one of the few brokers that outperformed (stock ended up nearly 1%).

        
  • Asset managers – the group sank in trading today; AMG, AB, BLK, EV, BEN, JNS, TROW, LM, all finish off 1-2% while IVZ drops ~3-4%.
  • Credit cards – the group acted OK today; MA and V both eke out gains.  DFS rallies >1% (the stock hits multi-month highs and has had a very strong week since reporting earnings).

Banks – the regional banks had tried to rally earlier in the day but they came for sale into the close; the money centers spent the day in the red across the board.  BoA and WFC both ended off 2-3%.  Within the regionals, USB, FITB, KEY, RF, STI, and ZION were some of the weakest (the USB selling received a lot of attention – the stock has been heavy really since its analyst meeting last week)
        
Insurance – the life names were for sale for most of the day (adding to their losses from yesterday); MET, PFG, PRU, GNW, AFL, and LNC all end off nearly 4%.  HIG was an outperformer for most of the day following today’s pos. comments from Morgan Stanley, although the stock sank in the afternoon (ended off 2%).  Some of the non-life guys outperformed, but most closed lower (TRV was an exception).

·         Best performing sp500 financials: FHN, DFS, SLM, PNC, TRV, BBT, ETFC, HCBK, PBCT, COF

·         Weakest: MET, PFG, IVZ, AVB, KIM, PRU, GNW, USB

1 comment:

  1. Hi,,
    Whether in the best or worst of times, people need to know how to make, spend, and invest money. Everyone from the teenager collecting their first check to the retiree can benefit from increasing their financial intelligence

    ReplyDelete