Many U.S. regional banks, including Fifth Third Bancorp and SunTrust Banks Inc, may not show a profit until 2011, veteran banking analyst Richard Bove said, and downgraded both the stocks to "sell" from "neutral."
Stocks advanced Thursday as investors seemed to focus more on some big-name earnings beats and a rise in leading indicators instead of a disappointing jobless report. Travelers and MMM led the Dow.
Stocks advanced Thursday as investors seemed to focus more on some big-name earnings beats and a rise in leading indicators instead of a disappointing jobless report.
Earnings continue to come in largely above expectations, but other factors are waylaying the stock market's recent advances - ranging from Walmart's price cuts to analyst Richard Bove's downgrade of Wells Fargo to rising oil prices.
Stocks edged up Thursday, with a brighter outlook from Procter & Gamble and a better-than-expected jobless claims report, countering a dim forecast from Monsanto.
Futures indicated a lower open for Wall Street on Wednesday as investors paused ahead of key U.S. data, having pushed markets to 11-month highs the previous day,
Wednesday, 12 Aug 2009 | Posted By:
Charlie Gasparino | Source: CNBC.com
Hedge fund manager John Paulson, who earned a fortune by betting against financial companies, bought a $2.7 billion stake in Bank of America and took stakes in other lenders during the second quarter.
The Dow topped 9,000 for the first time since January as investors shrugged off a rise in jobless claims and cheered earnings from Ford and 3M. A third straight rise in existing-home sales also buoyed the market.
The Dow topped 9,000 for the first time since January as investors shrugged off a rise in jobless claims and cheered earnings from Ford and 3M. A third straight rise in existing-home sales also buoyed the market.
Stocks rallied Thursday as investors shrugged off a rise in jobless claims and focused on encouraging earnings from Ford and 3M. A third straight rise in existing-home sales also buoyed the market.
Stocks have reversed and given up earlier gains as the bond market has drooped, yields have moved higher, which has resulted in a surge in the dollar... Read More
A blowout third quarter report for PNC Financial, as the regional bank managed to avoid the same fate that brought down earnings at Fifth Third Bancorp and SunTrust Banks... Read More
More evidence that Asian economies are recovering: South Korea's GDP grew at a better than expected 2.9 percent quarter over quarter in Q3 (consensus was 1.9 percent).... Read More