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Financial Select Sector SPDR ETF (XLF)

  • 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.
  • 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.
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  • 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.
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  • 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.
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  • 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."
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  • 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%.
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  • 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.”
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  • 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."
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  • Mar. 10, 2011, 11:52 AM
    The banking industry is about three-quarters through its crisis-driven charge-offs, Moody's says, but the remaining $198B to go could jump another $322B if the economy turns south again - mainly due to residential real estate. Big names: JPM -2%; C -1.5%; BAC -1.6%; WFC -1.2%; USB -1.8%.
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  • Mar. 8, 2011, 9:55 AM
    Financials (XLF +0.9%) provide early market leadership, after Bank of America (BAC +1.9%) CEO Brian Moynihan says the company isn't interested in any more acquisitions and that it can generate excess capital for investors. “We are changing the culture... from a company that was built upon acquisitions and consolidation. We are again a growth company."
  • Feb. 17, 2011, 7:23 AM
    The country's 19 largest banks were ordered to run stress tests against a scenario that reportedly included renewed recession with unemployment above 11%, even though the Fed is decidedly not expecting an economic slump.
  • Feb. 1, 2011, 7:58 AM
    Wall Street: loathed by Main Street and terrorists alike? Security officials are warning that al Qaeda terrorists in Yemen may be trying to plan attacks against major Wall Street firms or their leading execs.
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  • Jan. 31, 2011, 7:45 AM
    There's an investment lesson in here somewhere as European financial stocks have their best January in a decade amidst a barrage of concerns over bad debt and threats of rate hikes. For the month: EUFN +8.7% vs. XLF +1.9%. STD +13.7%. SCGLY.PK +10.6%. DB +13.0%. CS +11.7%.
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  • Jan. 6, 2011, 8:48 AM
    As their legal costs skyrocket, major banks like JPMorgan (JPM), BofA (BAC) and Citigroup (C) may find their profits imperiled.
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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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