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Financial Select Sector SPDR ETF (XLF)

  • Jan. 5, 2012, 12:59 PM
    Chatter about an Obama plan for mass mortgage refinancings heats up again, with speculation the President might appoint a "housing advocate" as head of the FHFA, whose current chief has been lukewarm about such an operation. The administration could get their "own man" in there without Senate approval using the same sort of recess appointment just used to install the head of the CFPB.
    | Jan. 5, 2012, 12:59 PM | 23 Comments
  • Jan. 4, 2012, 8:34 AM
    Barry Ritholtz takes aim at an easy target, goofing on analysts for estimating an average 57% profit increase for the big banks this year, with improved trading results being one of the drivers. "Improved trading results?" Are the banks "going to get better insight, cleaner executions, and be a whole lot luckier than they were in 2011," he muses.
    | Jan. 4, 2012, 8:34 AM | 5 Comments
  • Jan. 3, 2012, 10:19 AM
    U.S. banks (XLF +3.5%) shoot higher, responding to optimism about economic growth in emerging markets. The cost of insuring against the default of European sovereign debt was up this morning, but CDS protection actually fell for U.S. banks. At Bank of America (BAC +5.5%), CDS spreads fell to 397 bps vs. 404 a week ago and nearly 500 in November. Also: MS +6.2%, JPM +5%, C +7.6%.
    | Jan. 3, 2012, 10:19 AM | 2 Comments
  • Dec. 28, 2011, 10:22 AM
    Financials (XLF -0.8%) slip in early trading, particularly large European banks such as Deutsche Bank (DB -3.2%) and Royal Bank of Scotland (RBS -2.7%). The news that European banks left record overnight deposits with the ECB indicates an unwillingness to lend to each other, overshadowing the successful Italian bond auctions. BAC -2.3%, C -1.4%.
    | Dec. 28, 2011, 10:22 AM | 2 Comments
  • Dec. 23, 2011, 3:09 PM
    Looking back 15 years, Citigroup finds it best to stick with winners entering a new year and stay away from the past year's dogs. Buying the dogs only seems to work well at major macro turning points - 2000, 2003, and 2009 being the only years when they outperformed, a cautionary idea to those who want to buy beaten-down financials just because they're cheap.
    | Dec. 23, 2011, 3:09 PM | 4 Comments
  • Dec. 22, 2011, 12:04 PM
    Bank stocks are outperforming (XLF +1.6%) following a rally in European markets, and better-than-expected jobless claims data. Citigroup (C +6.2%) is leading the way, and Morgan Stanley (MS +4.1%) is also up strongly.
    | Dec. 22, 2011, 12:04 PM | Comment!
  • Dec. 21, 2011, 8:30 AM
    As European banks scramble to raise cash, they're increasingly doing so by selling off foreign assets such as U.S. mortgage-backed securities (MBS), and depressing their prices along the way. With Deutsche estimating Euro banks hold about $100B in MBS not  backed by Fannie or Freddie, further declines could occur, and affect the balance sheets of U.S. banks in the process.
    | Dec. 21, 2011, 8:30 AM | 2 Comments
  • Dec. 19, 2011, 11:10 AM
    Another day, another analyst ax to forecasts for big banks (XLF -2.1%): This time, it's Nomura cutting Q4 earnings estimates for several, citing “the difficult trading backdrop, soft investment banking trends [and] limited expense flexibility." Share price targets are lowered: BAC to $7 from $8, C to $36 from $38, GS to $130 from $141, MS to $18 from $20.
    | Dec. 19, 2011, 11:10 AM | 1 Comment
  • Dec. 15, 2011, 2:36 PM
    Credit Suisse (CS +3%) outpaces other bank stocks (XLF +0.5%) on announcing a sweeping reorganization of its foreign exchange business, including the departure of its head of forex sales. The bank's emerging markets business, which has so far encompassed both debt and currencies, will combine with its forex business in next year's Q1.
    | Dec. 15, 2011, 2:36 PM | Comment!
  • Dec. 15, 2011, 3:20 AM
    A new study suggests European banks will need to raise nearly €200B in new capital, or cut their balance sheets by nearly 20%, in order to meet Basel III requirements that start taking effect in 2013. With credit markets increasingly tight, this will be no small feat. (U.S. and Asia banks face a collective shortfall of less than €70B.)
    | Dec. 15, 2011, 3:20 AM | 3 Comments
  • Dec. 12, 2011, 11:59 AM
    Rumors circulate that Jefferies' (JEF -1.9%) workforce has been cut by 11%, but shares are outpacing other banks (XLF -3%) as CreditSights says JEF is considering increasing its level of disclosures made through its financial reports to address concerns about exposure to riskier credits. CreditSights echoes Fitch in saying JEF should be able to weather recent problems.
    | Dec. 12, 2011, 11:59 AM | Comment!
  • Dec. 8, 2011, 4:00 PM
    Bank stocks (XLF -3.8%) sink to session lows after Germany rejects giving the ESM a banking license: BAC -5.3%, C -6.9%, GS -4.9%, JPM -5.2%, MS -8.4%.
    | Dec. 8, 2011, 4:00 PM | Comment!
  • Dec. 8, 2011, 10:25 AM
    Financials (XLF -2.5%) are suffering the most in early trading, in a steep slide that comes after the sector scored an outsized gain of 1.2% yesterday. Investors are ignoring the better-than-expected U.S. jobless claims report and focusing on the latest disappointment from Europe. Among big banks: BAC -2.7%, JPM -2.8%, C -4.8%, GS -2.3%, WFC -1.9%, MS -5.1%.
    | Dec. 8, 2011, 10:25 AM | 2 Comments
  • Dec. 6, 2011, 3:15 PM
    California and Nevada join forces to investigate foreclosure fraud and other questionable mortgage practices. The move is another blow to administration efforts to sweep this thing away with a quickie national settlement. Earlier, California AG Harris had dropped out of those efforts, joining NY AG Schneiderman, among others.
    | Dec. 6, 2011, 3:15 PM | 1 Comment
  • Dec. 6, 2011, 10:45 AM
    Bank stocks (XLF -0.2%), so resilient yesterday despite the S&P mass downgrade threat, are struggling today. Oddly, JPMorgan Chase (JPM -1.2%), widely considered the strongest U.S. bank, is down while Bank of America (BAC +1.2%) is up. Regional banks are especially shaky: STI -4.3%, RF -2.9%. Mark Gongloff suspects today's moves are a "natural cool-down" after yesterday.
    | Dec. 6, 2011, 10:45 AM | 4 Comments
  • Dec. 6, 2011, 8:29 AM
    Portfolio manager Vincent Fiorillo, an experienced hand in the area of MBS investment, believes it will cost at least $100B to clean up mortgage litigation, far higher than the $25B bandied about in settlement talks with state AGs. A figure that high would allow necessary loan modifications as well as paying back investors who lost money on questionable securities.
    | Dec. 6, 2011, 8:29 AM | 1 Comment
XLF vs. ETF Alternatives
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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