Financial Select Sector SPDR ETF

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  • Sep. 22, 2011, 1:14 PM

    As big-name banks tumble (XLF -3.1%), Stifel Nicholas calls for them to conduct their own version of Operation Twist, selling off low-yielding assets and using the proceeds to reduce their liabilities. By doing so, banks could improve their capital ratios, which in turn would let them invest in higher-returning business segments and/or conduct buybacks.

    | Sep. 22, 2011, 1:14 PM
  • Sep. 22, 2011, 10:18 AM
    Richard Woolnough would like someone to explain how flattening the yield curve via Operation Twist is supposed to help the financial sector. "The flat yield curve ... will reduce the positive carry that banks can earn, handicapping the banking system when the current crisis has the banks at its very epicenter." Insurance firms 2nd the notion.
    | Sep. 22, 2011, 10:18 AM | 8 Comments
  • Sep. 21, 2011, 11:19 AM

    The banking sector (XLF -0.6%) is retesting its lows in often-scary fashion, but Erik Swarts believes banks will lead the market higher. After a five-year drag, he sees a changing dynamic coming from cheap capital provided to corporations from the Fed. "The prospect of an M&A boom in light of very cheap capital and relatively cheap valuations seems highly likely in the coming years."

    | Sep. 21, 2011, 11:19 AM
  • Sep. 20, 2011, 11:11 AM

    Bank stocks (XLF +1.1%) are "extraordinarily undervalued," Oppenheimer's Chris Kotowski writes, arguing that fears over margin pressure from a prolonged cycle of low interest rates ignores positive offsets, such as improvements in asset quality. So long as there are lending opportunities, net interest margin will take care of itself, Kotowski believes.

    | Sep. 20, 2011, 11:11 AM
  • Sep. 20, 2011, 8:59 AM
    "U.S. banks are using a pocket knife when what they really need is a machete," says Mike Mayo, calling for more job cuts to bring costs under control. Of the axis of ratings agencies, auditors, and their clients, Mayo says, "Nothing's changed in the past three years since the crisis. It's disgraceful and it's shameful."
    | Sep. 20, 2011, 8:59 AM | 1 Comment
  • Sep. 16, 2011, 11:24 AM

    Bloomberg research finds the cost of faulty mortgages and foreclosure abuse has cost the 5 largest lenders $66B thus far, with potential for the final tally to double. "You're talking about systemic fraud in the system, says former SIGTARP Neil Barofsky, "the banks were essentially lying to the purchasers of the mortgages."

    | Sep. 16, 2011, 11:24 AM | 3 Comments
  • Sep. 13, 2011, 12:20 PM

    The FDIC flexes its Dodd-Frank enhanced muscles with a set of proposed guidelines designed to protect the economy from the collapse of mega-sized banks. The rule - opposed by big banks - seeks to require the largest FDIC-insured banks to engage in extensive planning and reporting to limit potential damage to taxpayers from their own demise.

    | Sep. 13, 2011, 12:20 PM | 3 Comments
  • Sep. 12, 2011, 3:32 PM
    Reports that Italy is in talks with China to buy Italian sovereign debt give bank stocks (XLF -0.5%) a boost, overcoming a slide that had dropped the financial SPDR by more than 2.5%. JPMorgan Chase (JPM -0.7%) and Wells Fargo (WFC +1%) are among big rebounders, but Bank of America (BAC -1.1%) fails to hold gains sparked by its cost-cutting plans.
    | Sep. 12, 2011, 3:32 PM
  • Sep. 10, 2011, 8:15 AM
    Uncomfortable parallels for banks from Floyd Norris: Indexes of financials are down about as much this year as they were at this point in 2008 - right before Lehman Brothers collapsed and the stocks tanked further (chart).
    | Sep. 10, 2011, 8:15 AM | 5 Comments
  • Sep. 8, 2011, 10:21 AM

    Financial shares are again a sea of red in an otherwise mixed market. Their problems are well documented, but what really may be hurting is the Fed's apparent fixation on lowering long term rates even further. The world runs on carry, and flattening the yield curve threatens to squeeze lender profitability even further.

    | Sep. 8, 2011, 10:21 AM | 1 Comment
  • Sep. 6, 2011, 1:54 PM

    KBW weighs in on the FHFA lawsuit filed Friday against the banks, saying it could cost the mortgage-bond issuers nearly $60B. A much smaller settlement is more likely however, because the banks have a strong defense. Bank of America (BAC -3.3%), Citigroup (C -2.5%) and J.P. Morgan Chase (JPM -3.7%).

    | Sep. 6, 2011, 1:54 PM | 1 Comment
  • Sep. 6, 2011, 12:45 PM

    FBR's Paul Miller is critical of the FHFA bank lawsuits, saying they will drain more capital from the banking system and end up harming the average American. Just a thought, but perhaps it's banks' past practices that have harmed Americans and maybe it's time they were held accountable.

    | Sep. 6, 2011, 12:45 PM | 1 Comment
  • Sep. 2, 2011, 9:37 AM

    Financials limp out of the gate, with weak jobs data piling on already bad news: a federal agency is set to sue big banks over misrepresenting the quality of mortgage securities, and the Fed asks BofA (BAC -7.7%) to show contingencies if conditions get worse for the bank. JPM -4.1%, C -5.6%. Financials SPDR (XLF -3%) has dropped more than 14% in three months.

    | Sep. 2, 2011, 9:37 AM | 8 Comments
  • Sep. 2, 2011, 3:16 AM

    The FHFA could today file lawsuits accusing over a dozen large banks, including BAC, JPM, GS and DB, of misrepresenting the quality of MBS they sold to the GSEs during the housing bubble, sources say. Fannie and Freddie - and ultimately taxpayers - lost more than $30B as a result of the deals.

    | Sep. 2, 2011, 3:16 AM | 7 Comments
  • Aug. 30, 2011, 1:18 PM

    Financial stocks, a primary driver of yesterday's bounce, are laggards today as investors take profits from insurers (KIE -1.1%) after their big rally: ALL -1.2%, HIG -1.5%. Among banks (XLF -1%), Bank of America (BAC -3%) weighs on the sector after reports of FDIC opposition to the mortgage settlement deal. Also: JPM -1.5%, C -1.4%, GS -1.2%, MS -1%.

    | Aug. 30, 2011, 1:18 PM
  • Aug. 29, 2011, 3:13 PM
    It's not just the mega financial names like BofA (BAC +6.6%) and Citigroup (C +4.1%) moving higher today after a decent day for European and economic news, a whole slew of brokerage firms and investment banking companies are joining the party. Strong gainers include: PJC +8.11%, JEF +6.9%, KBW +5.9%, RODM +5.4%.
    | Aug. 29, 2011, 3:13 PM | 1 Comment
XLF Description
The Financial Select Sector SPDR® Fund, before expenses, seeks to closely match the returns and characteristics of the Financial Select Sector Index. Our approach is designed to provide portfolios with low portfolio turnover, accurate tracking, and lower costs.
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Sector: Financial
Country: United States
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