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Financial Select Sector SPDR ETF (XLF)

  • Apr. 15, 2013, 12:28 PM
    The Brown/Vitter bill being rolled out in Congress is essentially Armageddon to the TBTF banks, says Goldman, seeing it as mandating another $1.1T in equity for the banking system. Banks would need 12 years of earnings to build this amount organically, though the bill would give just 5 - say goodbye to lending. Break up the banks? BAC, C, JPM, and WFC all have multiple divisions with more than $400M in assets - the level at which the bill gets tough on lenders.
  • Apr. 15, 2013, 11:24 AM
    A 2.5% move up in Citigroup following earnings is allowing the banks (XLF) to tread water or even move higher in an otherwise bright red tape. Leading the S&P on the downside is the resources sector, XLE -2.9%, XLB -2.5%. S&P 500 (SPY-0.7%.
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  • Apr. 12, 2013, 12:09 PM
    "Expect more pronounced slowing" in mortgage banking and loan demand, says Sterne Agee's Todd Hagerman after this morning's earnings from Wells Fargo and JPMorgan. Mortgage banking income fell as expected, but both banks reported slowing application volumes as well, suggesting future cuts to earnings estimates. XLF -0.8%.
  • Apr. 10, 2013, 3:59 PM
    In comments with potential implications for the banking sector, CLSA analyst Mike Mayo says he sees a rebirth of shareholder rights in the sector with institutional investors taking control of their ownership stake. A "country club sort of attitude" has been prevalent for too long among bank boards, with directors getting fired one out of 3,000 times, Mayo says. (video)
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  • Apr. 9, 2013, 6:43 PM
    A Goldman Sachs note helps explain some of the recent weakness in big bank stocks and adds a warning signal: Banks that gain more than 10% in Q1 usually give back nearly all those profits in Q2 when future earnings estimates begin falling. Goldman's top concern heading into Q1 earnings is that "lackluster fundamentals could lead to a negative EPS revision cycle (which has been the trend the past few years)."
  • Apr. 9, 2013, 9:48 AM
    JPMorgan Chase (JPM) will lead big U.S. banks in job cuts with 17K expected through 2014, according to Bloomberg, after the six largest U.S. banks announced cuts to 1.8%, or 21K positions, during Q1. The housing rebound means many of the cuts will come in foreclosure units. Banks may tell more about their personnel plans starting this Friday when JPM and Wells Fargo (WFC) report Q1 results.
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  • Apr. 3, 2013, 3:02 PM
    The S&P and DJIA may have just hit new all-time highs, but the Health Care (XLV), Consumer Staples (XLP) and Discretionary (XLY) sectors left their records in the dust some time ago. Technology (XLK) and Financials (XLF) are the two biggest sectors and it could be years, if not decades before they put in new records.
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  • Apr. 3, 2013, 10:23 AM
    Bonds bounce. The near-continuous calls for a bear market in Treasurys are dashed again for the time being, with the 10-year yield - after a quick surge higher to start 2013 - back to 1.84%, not far from where it started the year. Today's buying comes as ADP and ISM reports disappoint, and the banking sector (XLF -0.9%) gets a bit wobbly. TLT +0.6% today, -2.1% YTD.
  • Apr. 1, 2013, 10:06 AM
    Each time a PNC customer deposits a check by snapping its picture on a smartphone, it saves the bank $3.88 compared to going to a teller window, says President William Demchak. Underway and gaining steam is the trend of banks nationwide closing branches and/or shrinking their size.
  • Mar. 27, 2013, 11:08 AM
    Stocks more than halve early losses 90 minutes into the session, SPY -0.4% an QQQ -0.3%. The financial sector (XLF -0.6%) is lit up red - not surprising given Europe's shuddering banking system. Google and Apple - each down more than 1% - lead tech lower.
  • Mar. 20, 2013, 3:17 PM
    Bernanke press conference: Banks can not only handle a sustained increase in interest rates, but should thrive, he says, as higher rates mean increased net interest margins and a higher franchise value. Suggestion for a follow-up: What if it's short-term rates which increase?
  • Mar. 18, 2013, 10:12 AM
    Some green enters the screen a half hour after a big down open, with Apple and Hewlett-Packard (after an upgrade) notably higher. Not surprisingly banks are feeling the brunt of what's left of the EU bank-induced selloff, the XLF -1.4%. SPY -0.8%, DIA -0.4%, QQQ -0.6%. Europe's about 1% off the lows, the Stoxx 50 (FEZ) -1.5%.
  • Mar. 15, 2013, 10:11 AM
    Financial Select Sector SPDR ETF (XLF) announces quarterly distribution of $0.0619. 30-day SEC yield of 1.47% (as of 03/14/2013). For shareholders of record Mar. 19. Payable Mar. 25. Ex-div date Mar. 15.
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  • Mar. 14, 2013, 5:14 PM
    After 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%.
  • Mar. 8, 2013, 2:59 PM
    A check of sector performance YTD finds financials (XLF), consumer discretionary (XLY), healthcare (XLV), consumer staples (XLP), energy (XLE), and industrials (XLI) all ahead of SPY's 9% gain. Utilities (XLU) are lagging just a bit, but the biggest drag is tech (XLK), up 4.9%. Not bad considering Apple's 19% decline.
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  • Mar. 8, 2013, 7:40 AM
    A check of the largest banks premarket after last night's stress test results: C +2.1%, JPM -0.8%, BAC +0.3%, WFC +0.5%, MS -1.6%, GS -0.3%. The XLF +0.6%.
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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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