The Buzz
Bank stocks keep surging
December 17, 2012: 12:59 PM ET
Click the chart to check Bank of America's stock.
Bank stocks have been on a tear in 2012. Monday was no different, as shares of big banks pushed the broader market higher.
Bank of America (BAC), Citigroup (C), Goldman Sachs (GS) and Morgan Stanley (MS) all climbed more than 2%, while Wells Fargo (WFC) rallied more than 3%. AIG (AIG) shares were up after the company said it plans to sell its stake in AIA Group, a Hong Kong-based life insurance company.
Financials have been on a run most of this year, and are on pace to outperform the rest of the stock market this year for the first time since the financial crisis.
Related: Post-financial crisis milestone: Banks beat market
The S&P 500 Financials index, which tracks 81 companies and also includes insurers and asset managers, is up about 24% with two weeks left in the year. That's nearly double the return of the full S&P 500, which is up nearly 13% in 2012.
The rally in bank socks gave StockTwits traders plenty to talk about.
vixforthepeople
Markets have history of following financials & consumer discretionary. Despite my doubts about economy, both fairing well lately. $XLF $XLY
The S%P 500 Consumer Discretionary index, which includes car makers, retailers, hotels and restaurants, is up nearly 20% in 2012.
Portfoolio
$BAC Watch 10-year treasures. As the yield increases, financials make more money. That could push $XLF to new highs.
While the 10-year Treasury yield has been sitting below 2% for most of the year, it's has climbed up to around 1.7% in December from a record low below 1.4% in July.
BryanMortenson
JPM - Fully realizing the cliff seems like the least likely option & the odds of a grand bargain have risen materially in just 48 hours.
Investors have grown increasingly optimistic that lawmakers will reach a deal to avoid the fiscal cliff before the end of the year. Over the weekend, House Speaker John Boehner made an offer to raise tax rates on those making at least $1 million. While the White House said the proposal doesn't go far enough, it did say the offer is a sign of "progress."
ivanhoff
Housing recovery theme continues to play out - homebuilders, property insurers, banks and beer hitting 52-week highs
An improving housing market means banks will enjoy more demand for mortgage loans.
EddyElfenbein
$BAC is at another 52-week high. The rally here has been one of the bigger "unnoticed" stories this year. Look for div increase soon.
Bank of America is the best-performing stock of the big banks, with shares up more than 95% year-to-date. The bank has been paying a quarterly dividend of 1 cent per share since the beginning of 2009. Prior to the financial crisis, Bank of America's quarterly dividend was 64 cents per share.
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Wells Fargo stock dips as revenue falls short
Wells Fargo posted a record profit of $4.9 billion for the third quarter as mortgage lending picked up, but weaker-than-expected revenue left investors disappointed.
The nation's largest mortgage lender said it originated $139 billion of mortgages during the third quarter, up 6% from a year earlier, as record low interest rates drove homeowners to refinance. But the low rates also weighed on the interest income that Wells Fargo earns on its loans and MORE
Hibah Yousuf - Oct 12, 2012 5:40 PM ETPosted in: banks, earnigns, earnings, housing, JPMorgan Chase, loans, mortgage rates, profit, revenue, stocks, Wells Fargo -
Big banks still a legal nightmare
The opinions expressed in this commentary are solely those of Paul R. La Monica. Other than Time Warner, the parent of CNNMoney, and Abbott Laboratories, La Monica does not own positions in any individual stocks.
It's been a great year for bank stocks. The KBW Bank Index (BKX) has surged more than 30%, easily outperforming the broader market. And Bank of America (BAC) is up nearly 70%, making it by far MORE
Paul R. La Monica - Oct 11, 2012 12:29 PM ET -
Why bank stocks are immune to scandal
Banks have had their share of bad publicity recently, but investors continue to give them the benefit of the doubt.
Standard Chartered (SCBFF) is a prime example.
The British bank's stock has recouped nearly all of the losses sustained earlier this month, when the bank was accused of laundering money for Iran.
U.S.-listed shares plunged to a low of $18.65 on Aug. 7, one day after banking regulators in New York threatened to MORE
Ben Rooney - Aug 24, 2012 7:04 AM ETPosted in: bank, Bank of America, Barclays, JPMorgan, LIBOR, standard chartered, stocks, ubs, Wells Fargo -
Slightly larger bonus checks expected on Wall Street
Paychecks for executives and top employees at the world's largest financial institutions are expected to get only a little bit bigger in 2012.
Compensation at the big banks will remain far below the highs of 2007, but overall, top executives could see paychecks and bonuses jump by as much as 10% in 2012.
Compensation consulting firm Johnson Associates projects that overall pay will hover between remaining flat and increasing up to 10%, MORE
Maureen Farrell - Aug 17, 2012 11:21 AM ETPosted in: Bank of America, big banks, citigroup, compensation, Goldman Sachs, JPMorgan Chase, Morgan Stanley, paychecks, Wells Fargo -
George Soros buys Facebook stake; flees bank stocks
Even billionaire George Soros caught Facebook (FB) fever this spring.
The hedge fund manager purchased 341,000 shares of the social media company during the second quarter, according to SEC filings.
Hedge fund managers aren't forced to specify when during a quarter they purchased stakes in various firms. Still, it's safe to say that the investor who infamously made $1 billion shorting the British pound is under water on his Facebook bet.
Related: Warren MORE
Maureen Farrell - Aug 14, 2012 7:13 PM ET -
Paul Ryan owns today's top Dow and S&P 500 stocks
The Paul Ryan stock portfolio continues to shine. Two stocks that the Republican vice presidential candidate owns - Home Depot (HD) and Estee Lauder (EL) -- spiked Tuesday after both companies reported better-than-expected quarterly results.
As of mid-morning Home Depot was up 3%, making it the best performer in the Dow. And Estee Lauder's shares shot nearly 8% higher, making them the top gainer in the S&P 500.
Ryan seems to have MORE
Maureen Farrell - Aug 14, 2012 10:37 AM ETPosted in: amazon, Apple, Estee Lauder, etf, Home Depot, Lowe's, Paul Ryan, Pricline, stocks, Wells Fargo -
Banks are boring. Hip hip hooray!
It's a good thing that Citigroup (C), JPMorgan Chase (JPM) and Wells Fargo (WFC) still do some good, old-fashioned retail banking. The Wall Street business stinks.
Citi reported a better-than-expected second quarter profit Monday -- despite year-over-year declines in investment banking as well as equity and fixed income trading. Shares were up on the news, following a nearly 5.5% pop for Citi on Friday on the back of JPMorgan's kitchen sink MORE
Paul R. La Monica - Jul 16, 2012 12:26 PM ET
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