Banks enjoy rare 2015 rally
Mercilessly sold since the year turned, banks are putting in
a rare session of out performance, helped along by some earnings beats from
regional lenders and the return of animal spirits in M&A with RBC's
purchase of City National (CYN +18.6%) for
$5.4B.
The XLF +1.4% vs. the S&P's 0.6% gain today, and the
regional bank ETF (NYSEARCA:KRE) is higher by 3.1%.
Among today's reporters putting in big gains are KeyCorp (KEY
+5.5%), BB&T (BBT +2.4%), and Huntington
Bancshares (HBAN +2.6%), though Flagstar
Bancorp (FBC -4.8%) missed estimates.
Others: Regions Financial (RF +3.9%), PNC
Financial (PNC +1.6%), Synovus (SNV
+3.2%), M&T Bank (MTB +3%), Hudson
City (HCBK
+3.1%), First Horizon (FHN +2.7%), and First
Republic (FRC
+4.9%).
ETFs: XLF, FAS, FAZ, UYG, KRE, VFH, KBE, IYF, IAT, IAI, SEF,
IYG, FXO, FNCL, KBWB, QABA, FINU, KRU, RWW, KBWR, RYF, PSCF, FINZ, KRS
Among the TBTFs, Citigroup (C +2.7%) and Bank of America (BAC
+2.5%) are leading the way.
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