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Financial Select Sector SPDR ETF (XLF)

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  • Aug. 9, 2011, 12:54 PM
    Faint praise but they'll take it, as Citigroup (C +8.7%) now leads the bounce in financial shares (XLF +3.5%) after Oppenheimer analysts write it is much better positioned to weather a recession now than in 2008. Other banks on the Oppenheimer note’s favored list include Wells Fargo (WFC +5.1%), which was also upgraded earlier, JPM +3.3% and USB +2.5%. BAC now +7.7%.
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  • Aug. 8, 2011, 4:47 PM
    S&P says its downgrade of the U.S. credit rating won't impact the credit of U.S. banks: "None of the banks we rate in the U.S. has an issuer credit rating higher than the U.S. sovereign rating. The sovereign downgrade does not alter the government support assumptions that we factor into our ratings on four banks."
  • Aug. 8, 2011, 12:46 PM
    Morgan Stanley (MS -9.3%) warns in its 10-Q quarterly report that the S&P downgrade could have a "material adverse" impact on its business. The firm also notes in it faces losses of up to $492M plus interest over two derivatives-related lawsuits, plus a $125M charge expected from a U.K. tax.
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  • Aug. 8, 2011, 9:57 AM
    Financial stocks (XLF -2.6%) are taking it on the chin, as investors fret about the ripple effects of the S&P downgrade and news that AIG plans to seek $10B from Bank of America (BAC -8.5%) over mortgage transactions. Citigroup (C -1.2%) and JPMorgan Chase (JPM -1.8%) are among the biggest early losers. Other Dow financials: TRV -1.8%, AXP -1.5%.
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  • Aug. 1, 2011, 11:11 AM
    Shares of First Niagara Bank (FNFG -4.5%) remain lower even after S&P affirms its BBB rating and stable outlook following the firm's announcement it will acquire 195 branches from HSBC (HBC). Fitch Ratings also weighed in with a BBB rating, citing the company's proven track record of integrating banks.
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  • Aug. 1, 2011, 9:24 AM
    Bank stocks (XLF +1.5%) look to be poised for a strong open in the wake of the debt ceiling deal. The big four - Bank of America (BAC +3.2%), JPMorgan Chase (JPM +1.7%), Citigroup (C +2.4%) and Wells Fargo (WFC +1.6%) - are all higher in premarket action.
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  • Aug. 1, 2011, 4:49 AM
    Major European hedge fund Lansdowne Partners has reportedly sold its entire $850M stake in Goldman Sachs (GS), underlining concerns about banking prospects due to regulatory changes. The divestiture has echoes of Lansdowne's exit from the industry in 2008, ahead of the financial crisis.
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  • Jul. 25, 2011, 3:39 PM
    Even if a U.S. debt downgrade might not be the end of the world - if Japan's track record is any guide - certain sectors could suffer. Big banks (XLF -0.6%), whose credit ratings get a boost from the implied support of the U.S. government, could feel pain with a downgrade of their sugar daddy. Big banks are also massive holders of Treasury debt. BAC -1.2%, JPM -1%, C -0.7%.
  • Jul. 19, 2011, 12:46 PM
    Tony Pallotta cuts through the noise of the TBTF bank earnings: Income before provisions continues on a downward slope - "banks are simply generating less income." More importantly, loan loss reserves are falling even as home prices drop and unemployment remains high - a questionable padding of income.
  • Jul. 18, 2011, 3:43 PM
    Some say Bank of America (BAC) shares are oversold a day before Q2 results are out, but the stock was similarly oversold the last time it reported quarterly results; it fell 2.4% that day, and gapped even lower the next session. BofA -2.6% at $9.74, off a two-year low of $9.53 intraday (also). Financials (XLF -1.5%) lower across the board; European banks fare even worse.
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  • Jul. 18, 2011, 10:26 AM
    BofA (BAC -2.7%) needs to increase its capital cushion to as high as $50B to overcome mortgage losses, analysts say. The extra settlement and writedown costs may put a monkey wrench in the plans of CEO Brian Moynihan to reward shareholders with a dividend hike due to the new  capital ratio regs now in place.
  • Jul. 15, 2011, 9:08 AM
    Citigroup (C) remains on track to meet Basel III requirements and reward investors with dividends and share buy-backs. The firm's CFO says it expects to return capital to shareholders next year, and stay within its target Tier 1 Common Capital Ratio. Shares +3% premarket.
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  • Jul. 14, 2011, 9:42 AM
    As analysts weigh the pros and cons of JPMorgan Chase's (JPM) Q2 earnings beat, it's worth noting that the bank's knack for topping Wall Street estimates hasn’t given its share price much of a quick boost in recent years. JPM has beaten forecasts each of the past 10 quarters, but the stock has benefited only once. Today, so far, so good, as shares +2.9% and lifting bank stocks (XLF +0.5%).
  • Jul. 13, 2011, 5:29 PM
    Though the S&P 500 may still be well below its 10/07 high of 1576, thanks in large part to weak performance from financials, Mark Smith (a.k.a. Trader Mark) points out that the industrial, technology, and consumer discretionary sectors, as measured by their SPDR ETFs, have more or less made it back.
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  • Jul. 12, 2011, 2:43 PM
    Banks find a new revenue stream by selling consumer shopping habits - actual data, not just general trends and averages - to retailers in a bid to get ahead of Groupon and LivingSocial in the multi-billion dollar daily deals industry. Forecasts see $1.7B in annual revenue for card issuers by 2015. Already in the game: WF, C, DFS.
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  • Jul. 11, 2011, 2:26 PM
    Analysts expect more bad news later this week for investment banks, already stinging from Europe contagion, when earnings come in. Research from Credit Suisse suggests 1Q trading revenue could be 25% lower. Banks are mired in red: BAC -3%, JPM -2.8%, C -3.8%, WFC -2.1%, MS -2.8%, GS -1.6%.
    | 1 Comment
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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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