Lindblom, Ledwith, Mayerhofer (212) 829-5482
Not a good start to surely one of the slowest weeks of the year. Financials were amongst the worst sectors Monday after the lower than expected personal income, AXA’s Goldman filing, and Obama’s bleak attempt at encouragement. Banks and Insurers led the selloff, as financials finished off (1.34%). Regional banks, whose health is closely tied to employment and housing, dragged on continued skepticism surrounding the ability of improving credit quality to drive further upside. Insurance names (1.16%) cooled off as the Manu for LNC chatter toned down and the strength in Treasuries. Online brokers gave back some ground as monthly trading figures saw its lowest levels of the year in August.
Leaders:
ABK 2.98%, SBCF 2.61%, SBIB 1.09%, FAF 1.04%, RGS 0.35%
Laggards:
FMD (8.73%), FIG (8.65%), BPFH (7.3%), COWN (6.67%), CATY (6.29%)
PSEC
Prospect Capital Corp reports Q4 net investment income per share of $0.25 vs year-ago $0.32 ($9.30)
CMA
Comerica upgraded to outperform from neutral at RW Baird ($33.44)- The firm cites price for the upgrade.
NWBI
Northwest Bancshares initiated outperform at FBR Capital ($10.56)- Target is $13.
Active Names
Big Banks - BAC, C, WFC, JPM, GS, FITB, HCBK, PBCT
Mid/SmallcapBanks/S&L- FBP, RBPAA, CVBF, PCBC, CARE, OZRK, RNST, SNV, BOKF
Brokers AMTD, ETFC
Asset Managers/Inv co’s- FIG, AMP, FNGN, PZN
Insurance- GNW, HIG, ALL, LNC, CB, WBS
CreditCards- AXP, COF, MA, V, DFS
Specialty Finance/Mort Insurers- ABK, MBI, AGO, OCN
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