The job report is out and the numbers are not good. The market is acting up and seems to be stuck in the rut. NASDAQ is less than a point up whereas S&P is showing about 4 points gain. Dow Jones Index is about as sluggish as NASDAQ with 1.17 points gained. However, financial stocks are going against the grain and showing good price movements. U.S. listed European bank stocks such as Bank of Ireland (NYSE:IRE) and Barclays Plc (NYSE:BCS) are doing especially good. Let's take a look at the top gaining financial stocks and see what's driving them up:
Radian Group Inc. ([RDN]]): The stock is currently trading at $4.46, up 10.40 percent from its previous close of $4.04. The company released its delinquency numbers for the month of August and reported decline in the numbers. Radian Group Inc. had 97,012 delinquent loans in its inventory as on the start of the month but closed the month with the lower number of 94,823. The company has also diverted some of its risk to third party insurance companies and realized after tax securities gains of about $120 million. All these news gave a fillip to the stock which has traded in the range of $1.80 and $4.68 in the past 52 weeks. Radian Group Inc. reports its market capitalization at $580 million and its latest earnings per share stood at -$1.71.
The Bank of Ireland: The bank recently released its second quarter results for the financial year 2012. It reported significant achievements on various fronts including its efforts to restructure its balance sheet. The bank stock movement is also helped by the latest announcement regarding Ireland's renewed pledge to continue with austerity measures. The stock is currently trading at $5.92, up 6.86 percent from its previous close of $5.54. The Bank of Ireland is oscillating in the range of $5.68 and $5.9382. The company stock has considerably high beta of 2.64 and its current earnings per share is -$1.24. The Bank of Ireland has great upside potential as it is currently trading nearer to its 52 weeks low than the high. The stock touched the bottom at $3.99 and its 52 weeks high stands at a lofty $12.10.
Barclays PLC: Barclays PLC stock is trading near its intraday high of $13.25. It is currently at $13.19, up 7.15 percent from its previous close of $12.31. The company stock has traded in the range of $8.38 and $16.41 in the previous 52 weeks. Barclays PLC has a new captain at its helm and Antony Jenkins, the new CEO, has announced stringent actions to shrink its investment banking operations. The new CEO has replaced Bob Diamond and is likely to announce detailed plan of action soon. Barclays PLC lately has been embroiled in controversies and is in need of a turnaround. Jenkins is also expected to announce write off of non-performing assets. Meanwhile, Credit Suisse has slashed its rating for the bank from 'Outperform' to 'Neutral'. The bank has market capitalization of $40 billion and its latest earnings per share was reported at $0.80.
Deutsche Bank AG (DB): The stock is trading 6.65 percent up at $40.11. It's intraday high stands at $40.35 and the lowest price point for the day so far has been at $39.73. The stock, like many other European bank stocks, is doing rather well today, notwithstanding the general mood of the market. The chart pattern looks good as the price has breached its 200 days moving average price. The bank stock is also buoyant on the hopes of positive ECB plans. Deutsche Bank AG has solid market cap of $36.67 billion and its stock is trading at Price Earnings ratio of 10.43. The banking company had reported its latest earnings per share at $3.83 and its stock shows the beta of 2.01.
MGIC Investment Corp. ([MTG]]) The company may be embroiled in a bitter fight with Freddie Mac, but its stock is certainly doing well lately. The stock has continued its yesterday's run up and is currently trading at $1.37, up 7.87% from its previous close of $1.27. MGIC Investment Corp. has accused Freddie Mac of blocking MIC, its insurance writing subsidiary, from writing coverage. The stock tumbled initially but seems to have recovered now. The company stock has traded in the range of $0.55 and $5.15 in the past 52 weeks and hence has good upside potential. MGIC Investment Corp. reported its latest earnings per share at -$2.95 and the stock has beta of 3.49.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
Business relationship disclosure: I am not being compensated by the companies mentioned in my article. I simply wrote it for a publication that compensates me in general.