Market Currents

• Wednesday, December 2, 2009

• 08:56 AM U.S. bank stocks face above-average risks, Citigroup says, recommending investors "remain very selective" and focus on banks "that have strong capital positions, while avoiding banks with the combination of relatively high commercial real estate exposure and questionable capital strength." Citi's choice banks: BBT, FITB, BAC, STI. Duds: ZION, RF, KEY. 4 Comments

• Wednesday, October 21, 2009

• 09:00 AM Premarket gainers: SLM +11%. SNDK +5%. YHOO +5%. ELN +4%.
  Losers: AGEN -41%. TSFG -23%. PLCM -13%. ATI -7%. KEY -4%. GNBT -4%. STM -4%. BEE -4%. 1 Comment
• 08:34 AM KeyCorp (KEY): Q3 EPS of -$0.50 misses by $0.09. Takes a $733M provision for loan losses, which KEY says drove the miss. Average deposits were +6% (+$3.6B). Shares -4.7% premarket. (PR) Comment!
• 00:05 AM Notable pre-market earnings: AAI, AMR, APD, ATI, BA, CAL, ELN, FLIR, FCX, GENZ, HCBK, KEY, LLY, MAN, MO, MS, NITE, NOC, NTRS, OMC, PENN, STJ, USB, USG, WFC Comment!

• Monday, August 3, 2009

• 09:00 AM Premarket gainers: AXL +15%. INO +12%. ONTY +11%. VHC +11%. BIF +9%. SVA +9%. DAN +9%. KFN +9%. VICL +8%. RBS +7%. F +7%. HUM +7%. NVAX +6%. BCS +6%. SOL +6%. HBC +6%. ERX +6%. ZQK +6%. RCL +5%. TGB +5%. FRO +5%. NXG +5%. WEN +5%. UBS +5%. EBAY +5%. FIG +5%. AKS +5%. FITB +5%. ALU +4%. TSN +4%. YGE +4%. AIB +4%. MT +4%. KEY +4%. STP +4%. FCX +4%. ELN +4%.
  Losers: HURN -73%. SVNT -25%. Comment!

• Wednesday, July 22, 2009

• 09:16 AM Futures indicate a soft open, with earnings disappointments this morning from key financials like MS, WFC and KEY weighing on the markets. Bernanke spends his second day on the Hill, with the show slated to start at 10:00. Dow futures -0.6% at 8836. S&P -0.7% at 946.50. Nasdaq -0.5%. Comment!
• 09:00 AM Premarket gainers: ONXX +32%. ATHR +11%. AAI +9%. SBUX +9%. BDSI +8%. CKSW +6%. AKRX +4%. AAPL +4%. STX +4%. HGSI +4%.
  Losers: AMD -14%. PPDI -13%. AAN -12%. CIT -8%. RSH -7%. KEY -6%. WFC -6%. HEB -6%. SAY -6%. MS -5%. ERX -4%. SLM -4%. YHOO -4%. CVBF -4%. RCL -4%. GILD -4%. BK -4%. CHU -4%. SQNM -4%. Comment!
• 06:43 AM KeyCorp (KEY): Q2 EPS of -$0.69 vs. consensus of $0.41 (may not be comparable). Loss largely stems from increase in loan loss provisions, which rose to $2.5B (3.53% of total loans) in Q2 vs. $1.4B (1.87% of total loans) in the year-ago period. (PR) Comment!
• 00:05 AM Notable earnings before Wednesday's open: AAI, APD, ATI, BA, BK, DAL, ENTG, GENZ, GNTX, HST, ITW, KEY, LLY, MO, MS, NITE, NTRS, PDS, PEP, PFE, SEIC, STI, STJ, SU, TCB, USB, USG, WFC, WHR Comment!

• Monday, July 20, 2009

• 13:19 PM Analysts expect bad news on commercial real estate from banks reporting earnings this week - Regions (RF), KeyCorp (KEY) and Zions (ZION), heavily invested in the sector, are expected to combine for more than $400M in Q2 losses. Zions reports after closing today; Regions before open tomorrow and KeyCorp on Wednesday. Comment!

• Friday, June 5, 2009

• 09:00 AM Premarket gainers: GNBT +21%. HEB +16%. SOL +10%. XOMA +9%. RTP +9%. FLIR +9%. RAD +8%. AIB +8%. CSUN +8%. BHP +7%. CENX +7%. CRBC +7%. ING +7%. JASO +6%. CLF +6%. PMI +6%. GES +6%. SOLF +6%. CIT +5%. VALE +5%. KEY +5%. GNW +4%. FRO +4%. AIG +4%. DPTR +4%. FEED +4%. LDK +4%. CNB +4%. YGE +4%. AMD +4%. PCX +4%. Comment!

• Thursday, June 4, 2009

• 09:00 AM Premarket gainers: WIND +44%. NVAX +32%. AGEN +19%. CONN +13%. HGSI +12%. TCL +12%. AVII +11%. TER +8%. RAD +7%. AHD +6%. HEB +4%. KEY +4%. ERX +4%. CTIC +4%. CGV +4%. ANPI +4%.
  Losers: CODI -14%. GU -12%. CIEN -8%. ANF -8%. VPHM -7%. ICON -7%. RTP -6%. SKS -6%. HBAN -6%. CAR -5%. UAUA -5%. AIB -4%. TIVO -3%. Comment!

• Wednesday, June 3, 2009

• 12:05 PM KeyCorp (KEY -0.6%) is exchanging $1.3B in preferred shares for cash and common stock. The move will raise its common-equity by $1.8B, the amount required the government's recent stress tests. Comment!

• Tuesday, June 2, 2009

• 09:00 AM Premarket gainers: NTG +18%. DDUP +18%. CYTK +12%. UFS +8%. SAY +7%. UNFI +7%. PAY +6%. CAL +4%. DSCO +4%.
  Losers: BCS -13%. CBL -12%. MTZ -11%. CTIC -6%. PLD -5%. MS -5%. KEY -4%. AXP -4%. Comment!

• Friday, May 8, 2009

• 09:00 AM Premarket gainers: VNUS +35%. AXL +34%. FITB +30%. HBAN +16%. FIG +15%. VG +14%. CNB +12%. CTIC +12%. RBS +12%. BZ +11%. VRSN +10%. BAC +10%. RF +10%. ING +8%. STT +8%. ONNN +8=7%. CENX +7%. C +7%. HOV +7%. CS +7%. MT +7%. KEY +6%. CIT +6%. DB +6%. AIG +6%. HBC +5%. SPF +8%. AMR +5%. JASO +5%. TNA +5%. ALU +5%. EGLE +5%. Comment!

• Thursday, May 7, 2009

• 17:43 PM Here's a bank by bank list of capital buffer shortfall, or lack thereof (source):
  American Express (AXP): $0
  Bank of America (BAC): $33.9B
  BB&T (BBT): $0
  Bank of New York Mellon (BK): $0
  Capital One (COF): $0
  Citigroup (C): $5.5B
  Fifth Third Bancorp (FITB): $1.1B
  GMAC: $11.5B
  Goldman Sachs (GS): $0
  JPMorgan (JPM): $0
  KeyCorp (KEY): $1.8B
  MetLife (MET): $0
  Morgan Stanley (MS): $1.8B
  PNC Financial (PNC): $0.6B
  Regions Financial (RF): $2.5B
  State Street (STT): $0
  SunTrust Banks (STI): $2.2B
  U.S. Bancorp (USB): $0
  Wells Fargo (WFC): $13.7B 4 Comments