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Thu, Jan. 22, 12:35 PM
- Mercilessly sold since the year turned, banks are putting in a rare session of outperformance, helped along by some earnings beats from regional lenders and the return of animal spirits in M&A with RBC's purchase of City National (CYN +18.6%) for $5.4B.
- The XLF +1.4% vs. the S&P's 0.6% gain today, and the regional bank ETF (NYSEARCA:KRE) is higher by 3.1%.
- Among today's reporters putting in big gains are KeyCorp (KEY +5.5%), BB&T (BBT +2.4%), and Huntington Bancshares (HBAN +2.6%), though Flagstar Bancorp (FBC -4.8%) missed estimates.
- Others: Regions Financial (RF +3.9%), PNC Financial (PNC +1.6%), Synovus (SNV +3.2%), M&T Bank (MTB +3%), Hudson City (HCBK +3.1%), First Horizon (FHN +2.7%), and First Republic (FRC +4.9%).
- ETFs: XLF, FAS, FAZ, UYG, KRE, VFH, KBE, IYF, IAT, IAI, SEF, IYG, FXO, FNCL, KBWB, QABA, FINU, KRU, RWW, KBWR, RYF, PSCF, FINZ, KRS
- Among the TBTFs, Citigroup (C +2.7%) and Bank of America (BAC +2.5%) are leading the way.
Jul. 16, 2014, 3:13 PM
- Flattish for most of the session following this morning's earnings miss, First Republic (FRC -13.7%) tumbles amid the earnings call, with management noting the elevated expenses associated with getting over $50B in assets (and thus being subject to heightened regulatory scrutiny).
- The bank says its efficiency ratio - guided at 59-62% - will remain elevated until sometime in 2016.
- New York Community Bank (NYCB -3%) - also around that $50B level - is sliding in concert.
- Previously: First Republic Bank misses by $0.07, misses on revenue
FRC vs. ETF Alternatives
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