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Financial Select Sector SPDR ETF (XLF)

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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%.
    | 7 Comments
  • 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?
    | 11 Comments
  • 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.
    | 2 Comments
  • 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%).
    | 5 Comments
  • 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%.
    | 3 Comments
  • 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.
    | Comment!
  • 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.
    | 3 Comments
  • 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%.
    | 2 Comments
  • 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.
    | 2 Comments
  • May 11, 2011, 2:39 PM
    Bank stocks trade broadly lower (XLF -1.2%) as investors consider the possibility of a settlement of allegations of improper mortgage servicing practices. Nomura breaks down the banks’ $5B offer and figures that Bank of America (BAC) would pay the biggest chunk of the settlement at $1.5B; Wells Fargo (WFC) would have to pay ~$1.3B, JPMorgan Chase (JPM) $800M, Citigroup (C) $400M.
    | Comment!
  • Apr. 20, 2011, 2:54 PM
    Noticeably absent from today's rally are the financials (XLF +0.1%), which continue to lag the broader market. Tepid loan demand, falling home prices and increased costs from new regulations plague the industry, FBR Capital says. Even Fed stress tests have not proven a catalyst for bank stocks in the face of weak economic growth.
    | Comment!
  • Apr. 13, 2011, 10:40 AM
    JPMorgan Chase (JPM -0.3%) shares lose strong early gains after CEO Jamie Dimon says in the post-earnings conference call that the bank will offer no further dividend increases for several quarters. Shares had risen 1% after "solid but not exciting" Q1 results, a fivefold dividend increase and word of a $15B stock buyback program. Other financial stocks (XLF -0.1%) follow.
    | Comment!
  • Mar. 28, 2011, 10:08 AM
    "I think we have seen this movie before, but the amazing thing is we continue to expect a different ending," says Ted Price from Canada's OSFI. He says with profits surging and banks increasingly investing in risky assets, now is the "time for regulators to get tough."
    | 1 Comment
  • Mar. 23, 2011, 1:53 PM
    Financial stocks (XLF -0.6%) pare early losses but the sector remains lower amid news that Bank of America's (BAC -1.8%) proposal to distribute capital to shareholders in the second half of 2011 was refused by the Fed. Also, analysts cut estimates for Q1 bank earnings after volatile markets caught traders by surprise. WFC -0.2%, JPM -0.2%, C -0.4%, GS -0.6%.
    | 1 Comment
  • Mar. 16, 2011, 11:36 AM
    The Fed’s chief bank regulator says 30% of U.S. banks have supervisory ratings deemed unsatisfactory. While banks’ asset quality is "stabilizing," conditions in real estate markets are "still very difficult” and the banking system is “still in the repair and recovery stage." Tougher regulations will “reflect the degree of systemic risk that individual banking organizations seem to pose.”
    | 1 Comment
  • Mar. 15, 2011, 10:53 AM
    A new rule from the FDIC would try to contain broader threats by paying creditors of financial firms that the government seizes and winds down, with priority for debts incurred after the seizure. The industry has watched with concern over how rights will be divided in the case of "orderly liquidation."
    | 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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