Market Currents

• Tuesday, December 8, 2009

• 10:46 AM While the big banks go to battle to unshackle themselves from TARP's chains, regional lenders (SNV, ZION, RF) choking on real-estate loans are unlikely to be exiting TARP any time soon. Regional banks are almost four times more concentrated in CRE loans than the biggest lenders. 2 Comments

• Friday, December 4, 2009

• 09:00 AM Premarket gainers: BIG +13%. SNV +10%. LDK +10%. MRVL +9%. RDN +6%. GT +6%. JAVA +6%. AKAM +5%. RMBS +5%. SEED +5%. STEM +5%. PMI +4%. SOLF +4%. ID +4%. MTG +4%. RF +4%.
  Losers: TTWO -31%. SWHC -14%. GSS -8%. REG -5%. WES -5%. NG -4%. Comment!

• 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

• Tuesday, October 20, 2009

• 08:12 AM Regions Financial (RF): Q3 EPS of -$0.37 misses by $0.12. Revenue of $1.62B (-20.3%) vs. $1.58B. Allowance for credit losses +2.9% to $1.025B. Shares -1.9% premarket. (PR) 2 Comments
• 00:05 AM Notable pre-market earnings: ALV, BK, BIIB, BLK, BTU, CAT, CMA, COH, DGX, DRH, DD, EAT, FRX, GAP, ITW, JEF, JRN, KO, LXK, LMT, MTB, PCP, PH, PFE, RF, SHW, STT, SVU, UAUA, UNH, UTX, WU Comment!

• Friday, October 2, 2009

• 09:00 AM Premarket gainers: CIT +8%. HEB +4%.
  Losers: AEG -8%. PCX -7%. HOV -7%. PGH -7%. ING -6%. AIB -6%. FIG -6%. MGM -6%. CVM -6%. LVS -5%. LYG -5%. RTP -5%. FRE -5%. ALU -5%. CNO -4%. SYN -4%. F -4%. FNM -4%. AMD -4%. RF -4%. ABK -4%. HIG -4%. SVA -4%. MU -4%. NOK -4%. Comment!

• Monday, September 21, 2009

• 17:24 PM Regions Bank (RF) will pay a $1M SEC fine to settle a complaint over its part in a Latin American investment fraud. The bank provided a "false air of legitimacy" by acting as trustee to two unregistered investment brokers. Comment!

• Tuesday, September 15, 2009

• 15:05 PM Regions Financial (RF) shares now up 8.9% as CEO Dowd Ritter says "absolutely not" to whether the firm needs more capital. Ritter said nonperforming loans should decline within the next several months. 4 Comments

• Monday, August 17, 2009

• 09:00 AM Premarket gainers: ARIA +7%.
  Losers: IDCC -27%. RST -16%. RAS -13%. LOW -10%. ABK -10%. AXL -10%. TGB -10%. AIB -9%. FRE -9%. FNM -9%. BZH -8%. RTP -8%. YRCW -7%. CENX -7%. HL -6%. LVS -7%. NXG -7%. TCK -7%. GNW -7%. CPST -6%. FIG -6%. HD -6%. YGE -6%. HIG -6%. BCS -6%. RF -6%. LYG -6%. FCX -5%. SOL -5%. AIG -5%. MT -5%. NVAX -5%. ETFC -5%. AEG -5%. FITB -5%. HBAN -5%. ESLR -5%. RTK -5%. X -5%. CNO -5%. CS -5%. Comment!

• Thursday, August 13, 2009

• 09:00 AM Premarket gainers: HRS +16%. ANW +10%. TSEM +7%. URBN +7%. ING +6%. CIT +6%. RF +6%. FNM +6%. AGO +6%. AU +5%. GFI +5%. ALU +4%. OCNF +4%. FRE +5%. UBS +5%. EGO +4%. HMY +4%. BAC +4%. DB +4%. ONNN +4%. FIG +4%.
  Losers: LDK -13%. AEG -8%. MWE -6%. AAP -5%. CNB -4%. Comment!
• 08:53 AM Bank of America (BAC) +4% premarket after hedge fund manager John Paulson disclosed a $2.2B position late yesterday. Other new positions include Sun Microsystems (JAVA) (74M shares); Regions Financial (RF) (35M); Marshall & Ilsley (MI) (12M); Humana (HUM) (5M); and Goldman Sachs (GS) (2M). Comment!

• Tuesday, July 21, 2009

• 09:00 AM Premarket gainers: JDAS +25%. INCY +18%. AKRX +12%. CAT +12%. CIT +7%. SPPI -7%. IP +7%. UAUA +6%. HEB +6%. CTIC +5%. JOYG +5%. YGE +5%. LVS +5%. JASO +5%. MGM +5%. AIB +5%. SOL +4%. WYNN +4%. DE +4%. MRK +4%. TSTR +4%. MON +4%. DOW +4%.
  Losers: RF -11%. LXK -11%. ZION -7%. AKS -5%. STT -4%. SAY -4%. Comment!
• 07:11 AM Regions Financial (RF): Q2 EPS of -$0.28 misses by $0.06. Loan origination volume of $3.1B vs. $2.8B in Q1. Net loan charge-offs increased to $491M, or an annualized 2.06% of average loans. (PR) Comment!
• 00:05 AM Notable earnings before Tuesday's open: AKS, ALV, AMTD, BJS, BTU, CAL, CAT, CMA, DD, DGX, ELN, FCX, FRX, HCBK, JEF, KO, LMT, LUV, LXK, MRK, PCP, RF, SGP, SHW, STT, UAUA, UNH, UTX, WU 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!

• Thursday, July 16, 2009

• 07:45 AM Regions Financial (RF) says its I-bank may face charges related to 'certain mutual funds' that sustained heavy mortgage-related losses after receiving a Wells notice from the SEC on July 9. Comment!