The new president's plan to rescue the financials is great news. But investors shouldn't race to buy stock in the companies who have their hands out.
Word of a 'bad bank' plan sent Citigroup, Bank of American and other financials soaring. But could the euphoria be short lived?
Wall Street has chosen the highly volatile banking industry as its ticket to ride out the recession. Lately, bank stocks and the broader indexes have moved in unison.
Some of the most conservative companies we know stumbled, and took the market with them.
Anton Schutz thinks banks have been getting a bad rap. "We think that this group has been so battered, if you look at the technical indications, coming out of earnings reports every one of the last five quarters, you've seen this group bounce dramatically," the portfolio manager for Mendon Capital and Burnham Asset Management told CNBC.
Optimism may not be the order of the day, but neither is thoughtless pessimism.
As we prepare for US Treasury nominee Tim Geithner's confirmation hearings before the Senate Finance committee, we have already got a taste of what is to come, says Andrew Busch.
The ailing banking system is at the top of the Obama Administration's agenda Wednesday, after worries about the sector Tuesday handed the stock market its worse Inauguration Day losses ever.
All that pre-inauguration hope disappeared Tuesday, as the Dow plummeted in the triple digits on the new president's swearing in.
Financial stocks are seeing huge options activity Tuesday, led by State Street, which is down roughly 50 percent after reporting a 71 percent drop in fourth-quarter earnings. Options volume for STT was six times normal this morning. Also: Options action looks at PNC Financial Services, Bank of America and JPMorgan.
Wall Street ushered in the Barack Obama presidency with a substantial drop in the Dow, amid fresh signs the global bank crisis is far from over.
The Dow ended below 8,000 for the first time in two months as bank stocks took a beating over profit worries.
Stocks paused briefly as Barack Obama was sworn in as the 44th president but resumed their slide as banks took a beating over profit worries.
The British pound fell to its lowest level against the dollar since 2001 on continuing fears that UK banks would need to raise more capital and are facing massive dilution from investments by the UK government.
U.S. stock index futures failed to match the buoyant mood across the country Tuesday as concerns over the weakening economy remained despite the inauguration of President-elect Barack Obama.
Stocks will struggle with a heavy dose of bad earnings news that could dash investor hopes for an Obama rally in the week ahead.
Options traders are bearish on State Street, trading January puts in heavy volume. The financial services firm has seen a daily average of 1,800 put contracts over the last 30 days, but 14,000 traded in just the first 90 minutes of the session...
Citigroup CEO Vikrum Pandit said Friday that he would like to keep the company together and does not wish to spin off its Smith Barney brokerage.
Citigroup, trying to arrest the sharp slide in its stock price, may look for a possible merger partner or take other steps to raise cash, senior officials told CNBC.
The New York Attorney General's office is negotiating with top Wall Street firms that received federal bailout money to forego executive bonuses this year, sources close to the attorney general told CNBC.