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Financials Split on High Volume
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Reporter
Financials are split on high volume.
The high-beta financials--Citigroup [C
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], Fannie Mae[FNM
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] and [FRE
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] are trading HUGE volume. How huge? At 2:20, the three combined traded about 200 million shares on the NYSE (ex-Arca); volume is about 750 million shares, so all three combined are over 25 percent of the total volume of all trading at the NYSE (these stocks also trade on exchange off the NYSE; I am just including volume that trades here).
Most professionals believe that Fannie Mae and Freddie Mac (most would also include AIG) have no equity value; they are trading on momentum. Vague hopes that the U.S. government will somehow get out of their common share position (like the Swiss did with UBS) remain nothing but a pipe dream.
Regionals banks are trading down on Bove, and Suntrust CEO's remarks. Rochdale's Dick Bove noted overnight to "Expect a significant pullback in prices for the regional banks near term" and his advice could not be clearer: "Avoid all regional banks."
Elsewhere, the CEO of Suntrust [STI
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] said banks are still facing major credit losses and the commercial real estate industry could be difficult through 2010. Nothing new, but it is a reminder that regional bank CEOs are not suddenly becoming more bullish.
Regional banks trading down 1 to 3 percent.
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Questions? Comments?
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- How three generations of Americans are dealing with the finances of retirement.
- Hostage to Headlines
- Facebook Analyst Reports All Over the Map
- More Fallout From the Facebook Fiasco
- Facebook and Morgan Stanley's 99 Problems
- Lousy Economic Numbers, but Stocks Hold Up
- Eurobond Talk: Good News and Bad News
- Hopes Fading for Big Announcement From EU Leaders
- European 'Crisis Tennis' Again
- Facebook IPO 'Conspiracy' Theories Abound
- OK, Facebook Is Embarrassing
Data is a real-time snapshot *Data is delayed at least 15 minutes
