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at MarketWatch.com (Jul 19, 2012)
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at MarketWatch.com (Sep 7, 2011)
at MarketWatch.com (Jun 28, 2011)
at MarketWatch.com (Apr 21, 2011)
IYF vs. ETF Alternatives
The iShares Dow Jones U.S. Financial Sector Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the financial and economic sectors of the U.S. equity market, as represented by the Dow Jones U.S. Financials Index.
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Thursday, Mar 277:25 AM
Thursday, Mar 277:25 AM| 2 Comments
- Both Bernstein and KBW remove Outperform ratings on Citigroup (C) the morning after its capital return plan was rejected by the Fed for "qualitative" reasons. One wonders whether this disappointment wasn't already priced in as Citi has underperformed this year, and for some time been the only one of the major banks trading below book value. Shares are off 5% in premarket action.
- Overall, the bank capital returns announced yesterday are below expectations, says Compass Point's Kevin Barker, but Huntington Bancshares (HBAN) - which boosted the dividend 20% and announced a buyback for about 3% of the float - was better than hoped.
- XLF -0.1% premarket
- ETFs: XLF, FAS, FAZ, UYG, KRE, VFH, KBE, IYF, IAI, IAT, SEF, IYG, FXO, PFI, KBWB, FNCL, RKH, QABA, FINU, KRU, RWW, KCE, KBWR, RYF, PSCF, KRS, FINZ, KBWC, AIRR
Thursday, Mar 2010:54 AM
Thursday, Mar 2010:54 AM| 5 Comments
- Much of the financial sector is lit up bright green, continuing to outperform following yesterday's suggestion by the FOMC and Janet Yellen that rate hikes could come sooner than expected. XLF +1.1%, KBE +1.6%, KRE +1.6%.
- At new 52-week or even multi-year highs are JPMorgan (JPM +2.3%), Wells Fargo (WFC +1.7%), Morgan Stanley (MS +1.4%), and Bank of America (BAC +1.6%).
- Regional lenders: U.S. Bancorp (USB +1%), Huntington (HBAN +1.5%), PNC (PNC +1.3%), BB&T (BBT +1.5%), Fifth Third (FITB +1.8%), First Niagara (FNFG +2.1%).
- Leading among the life insurers are Lincoln National (LNC +1.9%), Protective Life (PL +1.6%), Manulife (MFC +1.2%), and Sun Life (SLF +1.1%).
- ETFs: XLF, FAS, FAZ, UYG, KRE, VFH, KBE, IYF, KIE, IAT, SEF, IYG, IAK, FXO, PFI, KBWB, RKH, QABA, FNCL, FINU, KRU, RWW, KBWR, RYF, PSCF, KBWI, KBWP, KRS, FINZ
Wednesday, Mar 193:13 PM
Wednesday, Mar 193:13 PM| 14 Comments
- A check of sectors following the FOMC statement and updated projections suggesting a quickened pace of rate hikes in the future finds the banks and life insurers notably moving higher. Both groups have struggled earning a spread amid ZIRP and are positively levered to higher rates.
- Lenders: Bank of America (BAC +1%), Citigroup (C +1%), JPMorgan (JPM), Regions (RF +1.7%), KeyCorp (KEY +0.9%), SunTrust (STI +0.7%).
- Life insurers: MetLife (MET +1%), Prudential (PRU +0.7%), Lincoln National (LNC +1%).
- Related ETFs: XLF, FAS, FAZ, UYG, VFH, IYF, KIE, SEF, IYG, IAK, FXO, PFI, KBWB, FNCL, FINU, RWW, RYF, PSCF, KBWP, KBWI, FINZ, KBE, KRE
- Not necessarily positively levered to higher rates are the mortgage REITs (REM -1.6%): Annaly (NLY -1.8%), American Capital (AGNC -1.7%), (MTGE -1.9%), Armour (ARR -1.3%), Two Harbors (TWO -2%) CYS Investments (CYS -3.3%), Capstead (CMO -1.3%), MFA (MFA -1.8%).
- Related ETFs: MORT, MORL
Wednesday, Mar 53:42 PM
Wednesday, Mar 53:42 PM| 8 Comments
- Buying the rumor? On a flattish day for the major averages, the Too Big To Fail banks are ignoring a continued slowdown in markets revenue this quarter, and instead partying ahead of what may be the imminent release of the Fed's stress test results (perhaps Friday). About one week later will be CCAR results at which the Fed gives the thumbs up or thumbs down on the banks' capital return plans.
- Word is the tests are tougher this year, but bank capital levels are also improved.
- Leading today is Bank of America (BAC +3%) - now within about one percent of a 4-year high. Others: Morgan Stanley (MS +2.8%), Goldman Sachs (GS +1.8%), Ciitgroup (C +1%), JPMorgan (JPM +1.5%), and Wells Fargo (WFC +0.6%).
- Also subject to the stress tests are a number of regional lenders, not to mention credit card players - they're mixed in today's action.
- Related ETFs: XLF, FAS, FAZ, UYG, KRE, VFH, KBE, IYF, IAI, IAT, SEF, IYG, FXO, PFI, KBWB, RKH, QABA, FNCL, FINU, KCE, KRU, RWW, KBWR, RYF, PSCF, KRS, FINZ, KBWC
Friday, Nov 82013, 10:41 AM
Friday, Nov 82013, 10:41 AM| 5 Comments
- Up sharply as interest rates fly higher (the 10-year is up 15 basis points to 2.75%) are the life insurers - all of whom have had their investment returns more than a little constrained by puny yields. IAK +2.4%
- MetLife (MET +5.9%), Prudential (PRU +4.5%), Lincoln National (LNC +6.8%), Hartford (HIG +3.1%).
- Also set to benefit from a steeper yield curve (if we're to believe their models) are the banks, and they're leading the S&P 500 higher. The TBTFs: Bank of America (BAC +3.3%), JPMorgan (JPM +3.1%), CItigroup (C +3.3%), Wells Fargo (WFC +2.6%). The regionals (KRE +3.4%): Huntington (HBAN +2.6%), Regions (RF +4.2%), PNC (PNC +2.8%), FIfth Third (FITB +3.4%), First Niagara (FNFG +2%), Keycorp (KEY +3.5%), Zions (ZION +4.1%), Comerica (CMA +3.1%).
- The XLF +1.9%.
- FInancial sector ETFs: FAS, XLF, FAZ, UYG, KRE, KBE, VFH, IYF, KIE, SEF, IAT, IAI, IYG, IAK, FXO, PFI, KBWB, RKH, QABA, RWW, FINU, RYF, KRU, KBWR, PSCF, KBWP, KBWI, KRS, FINZ, FNCL
Wednesday, Sep 252013, 9:43 AM
Wednesday, Sep 252013, 9:43 AM| Comment!
- Speaking at BAML's Banking and Insurance Conference in London, Deutsche Bank (DB -1.6%) co-CEO says the bank expects a "significant" drop in Q3 trading revenue.
- The announcement isn't unexpected, and follows a similar warning from Citigroup over the weekend, numerous other rumblings from investor conferences this month, and Jefferies' already reported ugly (from a trading standpoint) Q3.
- Previous: FICC trading revenue has been slipping for years and should be in analyst models by this point.
- Banks (KRE -0.6%), (KBE -0.4%) again are leading the market decline.
- Financials ETFs: XLF, IYF, PFI, VFH, RYF, RWW, FAS, UYG, FAZ, SKF, SEF, IAI, FXO, PSCF, KBWD, KBWB, IYG, FINU, FINZ.
Monday, Sep 232013, 10:23 AM
Monday, Sep 232013, 10:23 AM| 2 Comments
- The financial sector (XLF -1.2%) leads the market lower following Citigroup's warning about Q3 trading revenues. SPDR KBW Bank ETF (KBE -1.3%). Not necessarily exposed to trading activity, regional banks are nevertheless not spared, the Regional Banking ETF (KRE -1.3%). The TBTF banks are all off between 2 and 3 percent.
- Related ETFs: XLF, IYF, PFI, VFH, RYF, RWW, FAS, UYG, FAZ, SKF, SEF, IAI, FXO, PSCF, KBWD, KBWB, IYG, FINU, FINZ, KBWB, IAT, KBE, KRE, RKH, QABA, KRU, KRS, KBWR.
Thursday, Mar 142013, 5:14 PMAfter hours movers in the banks: JPM -2.5% and GS -2.1% after the two had their capital proposals approved but were asked to submit new plans "to address weakness in their capital planning processes." WFC +0.4%, BAC +3.8% after no dividend hike, but a whopping $10.5B in share repurchases and redemption of high-yielding preferreds. Morgan Stanley +0.9%. The XLF +0.1%. |Thursday, Mar 142013, 5:14 PM| 18 Comments
Monday, Dec 172012, 6:50 PMFinancials add to the regular session's big gains as Meredeth Whitney gets bullish on the sector, particularly Bank of America, Citigroup, and Discover. The catalyst for the group will be the March release of the Fed's stress tests showing them adequately capitalized, paving the way for more share repurchases and dividend bumps. BAC +2.1%, C +0.5%, DFS +2.3%, XLF +0.4% AH. |Monday, Dec 172012, 6:50 PM| 8 Comments
Wednesday, Dec 52012, 9:44 AM
Friday, Jul 202012, 12:29 PMIt's a "risk off" day for European financials (EUFN -3.4%), after Spain's expected bank bailout approval is accompanied by a weak GDP forecast. Unsurprisingly, Spanish banks are the biggest losers: SAN -7.7%. BBVA -8.4%. U.S. banks are only doing better by comparison (XLF -1.3%). |Friday, Jul 202012, 12:29 PM| 8 Comments
Thursday, Jul 192012, 1:03 PMThe 30 bp decline in Bank of America's (BAC) net interest margin represents $1.27B in lost quarterly earnings power, says Josh Steiner, a "hit (that) is recurring, not one time." This deterioration in bank's underlying business may help explain the sharp decline in the stock (-4% today, -4.8% yesterday) despite a headline beat on earnings thanks to a large reserve release. |Thursday, Jul 192012, 1:03 PM| 8 Comments
Thursday, Jun 282012, 6:25 AMIt's setting up to be a bad morning for financials. Barclays (BCS) -8.6% premarket as pressure grows for Diamond to quit, and JPMorgan (JPM) -5.2% on reports its trading loss could hit $9B. Perhaps in sympathy, other financial names are also dropping, outpacing the pullback by S&P futures: BAC -1.5%, MS -1.15%, C -1%, WFC -1%. |Thursday, Jun 282012, 6:25 AM| 11 Comments
Friday, Oct 72011, 1:48 PMFinancials are trading lower, possibly due to Fed president Dennis Lockhart's earlier comments that regulators "can't guarantee" against the failure of individual financial firms, nor have they put a system in place that would allow orderly failures of the largest financial firms without taxpayer rescues: Goldman Sachs (GS -5.4%), Morgan Stanley (MS -6.5%), JP Morgan (JPM -5%), Bank of America (BAC -5.6%), Citigroup (C -5.2%), American International (AIG -4.7%). |Friday, Oct 72011, 1:48 PM| 2 Comments
Monday, Aug 292011, 3:13 PMIt'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%. |Monday, Aug 292011, 3:13 PM| 1 Comment
Monday, Aug 152011, 5:15 PMFinancial stocks recouped some of their early-August losses today. Bank of America (BAC +7.9%) headlined the winners, thanks to its credit card business sale and positive news regarding its Countrywide lawsuits, but other big names also got a lift. MS +6.1%. AIG +6%. C +4.8%. WFC +3.7%. STI +5.9%. USB +3.7%. |Monday, Aug 152011, 5:15 PM| Comment!
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Jacob Wolinsky:: Ur insane