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Financial Select Sector SPDR ETF (XLF)

  • Jun. 23, 2011, 10:34 AM
    More on Discover (DFS +1.1%) earnings: Of the record quarter, CEO David Nelms credits improved loan performance allowing fewer charge-offs, meaning substantial releases of credit loss reserves could be reinvested into growth initiatives.
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  • Jun. 20, 2011, 1:45 PM
    Mark Gongloff isn't buying the argument that regulatory fears are hamstringing banks into choking off economic recovery. There's too much debt already, writes Gongloff - lenders aren't lending because demand isn't there. Banks are lagging again as the rest of the market parties.
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  • Jun. 17, 2011, 5:20 PM
    Richard Staite cuts his Q2 profit estimate for Goldman Sachs (GS) 40% due to a combination of lower trading revenues and smaller investment gains. "Given the weak environment, we expect jobs to be cut across the industry." One could be forgiven for thinking financial shares may have gone a ways towards pricing this in.
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  • Jun. 17, 2011, 2:30 PM
    With the acquisition of ING Direct, CEO Richard Fairbanks takes Capital One (COF -0.7%) a step closer to top-tier banking status. The purchase diversifies the bank's credit-card heavy portfolio, boosts 'sticky' deposits, and brings to it a young, internet-savvy customer base.
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  • Jun. 15, 2011, 2:10 PM
    Financials (XLF -2%) are today's hardest-hit sector, sinking to a new 2011 low amid worries that their behavior suggests the market could stay weak for a while. Among Dow financial stocks: BAC -2.1%, JPM -2.1%, TRV -1.4%, AXP -1.2%. European banks fare even worse: RBS -4%, BCS -3.7%, UBS -3%.
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  • Jun. 14, 2011, 10:57 AM
    The FDIC approves subjecting big banks to the same minimum capital standards as community banks, doing away with big banks' ability to substitute "internal management assumptions" about how much capital they need around. It won't require new capital, Sheila Bair says, but will act as insurance "when the crisis is forgotten" that levels will be safe.
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  • Jun. 13, 2011, 12:43 PM
    UBS gives a boost to Citi (C +1.8%), saying recent selling in the shares - dominated by retail investors - has exhausted itself. It's an odd stance, given the recent reverse-stock split has lowered the proportion of the small-fry's share of volume at the expense of larger institutions.
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  • Jun. 10, 2011, 2:39 PM
    Financials (XLF -0.5%) pare losses following a report that big banks are likely to face an additional capital buffer of 2%-2.5%, less than the 3% initially feared. The new headline suggests the Fed is retreating a bit, given the market reaction - much needed good news for the oversold banking sector. JPM -0.1%, C +0.3%, BAC +1.8%, WFC +0.1%.
  • Jun. 10, 2011, 11:28 AM
    The Fed floats the idea of annual capital reviews for banks with over $50B in assets - including any details for dividend hikes or stock buybacks, which would require central bank approval. In effect? It's a formalization of the most recent stress test processes. Now what will Jamie Dimon (JPM) say?
  • Jun. 9, 2011, 11:07 AM
    With Dodd-Frank all but eliminating risk-taking, a sagging housing market, and a weakening economy, investors are avoiding bank stocks despite apparently dirt-cheap valuations. Just ask David Tepper, who wishes he would have thrown in the towel.
  • Jun. 8, 2011, 2:40 PM
    A bill that would have delayed the Fed's debit-card interchange fee reduction rule is rejected by the U.S. Senate after failing to obtain the 60 votes needed to withstand a filibuster; the final vote was 54-45. Shares of Visa (V -3.8%) and MasterCard (MA -3.2%) slide; banks slip (XLF -1%).
  • Jun. 7, 2011, 6:42 AM
    The Fed is said to be in favor of a Basel III proposal calling for a maximum capital surcharge of three percentage points on the largest global banks; financial stocks took a beating yesterday on fears the surcharge might run as high as 7%.
  • Jun. 6, 2011, 10:11 AM
    Banks (XLF -1.7%) are in focus in early trading, as WSJ and NYT each publish big stories saying their troubles aren’t over. The KBW Bank Index fell 4.1% last week vs. the Dow's 2.3% drop, and this week also could be rocky because of worries that the Fed might force big banks to sharply increase capital cushions. But to some, that sounds like a bell ringing at the bottom.
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  • Jun. 3, 2011, 2:10 PM
    Financial stocks (XLF -0.3%) are muddled on the day, but Goldman Sachs (GS +1.3%) moves up on a report that it is near a deal to sell its Litton mortgage servicing unit to Ocwen Financial (OCN +5.7%). Separately, the SEC has posted various documents revealing that Goldman has estimated ~$2.7B in potential losses from litigation.
  • Jun. 2, 2011, 9:57 AM
    Moody's puts the debt of Bank of America (BAC), Citigroup (C), and Wells Fargo (WFC) under review for possible downgrade. The agency says the Dodd-Frank bill makes major government support less likely even as the lenders' mortgage exposure remains high. All three banks are down more than 1%.
  • May 27, 2011, 3:33 PM
    Revenue at U.S. banks fell over the last year for only the 2nd time in 3 decades. Earnings growth was mostly from markups in lenders' troubled loan portfolios. Of the banks in the S&P 500, U.S. Bancorp (USB) had the biggest jump in revenues, +5.7%, while First Horizon (FHN) led the decliners, -18.7%. USB vs. FHN Y/Y.
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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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