KeyCorp (KEY +4.6%) soars following its earnings report. Unlike many other banks, Key recorded a big 17 basis point jump in net interest margin to 3.23% thanks to some fancy liability management (see conference call exchange with Mike Mayo). Total loans +2.5% Q/Q, +5.6% Y/Y. Tier 1 common equity of 11.43% vs. 11.28% a year ago. Book value/share of $10.64 vs. $10.09 a year ago. (presentation)