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Financials were a notable laggard in Tuesday’s session with weakness ignited by chatter that the government wants to sell 1/3 of it’s stake in Citigroup [C
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]. (Those shares were acquired as part of its bailout.)
Also Discover [DFS
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] and JPMorgan [JPM
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] added to the negative tone in the sector after both reported higher credit-card write- offs.
It seems like the investors are struggling with a slew of tough questions about banks. But only one really matters; which bank should you own now?
For insights we turned to widely followed Rochdale Securities analyst Dick Bove.
The important thing to know if you’re trading the space is that 60% of the banks in the United States are probably going to show losses over the next 6 months, explains Bove. I’d only look at banks where there’s sure to be pretax earnings. To me that means wealth banks such as State Street [STT
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], Bank of New York [BK
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] and Northern Trust [NTRS
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].
I’d also look at Goldman Sachs [GS
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] and Morgan Stanely [MS
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] where there could be a significant improvement in earnings.
Bove's picks at a glance:
State Street [STT
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]
Bank of New York [BK
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]
Northern Trust [NTRS
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].
Goldman Sachs [GS
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]
Morgan Stanely [MS
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]
* You can see our entire interview with Dick Bove at the end of the Word on the Street video
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Trader disclosure: On Sept. 15th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Seymour Owns (AA), (AAPL), (BAC), (BX), (FCX), (NOK), (RIG), (SBUX), (UNG); Finerman Owns (PDE), (RIG); Finerman's Firm Owns (BAC) Preferred Shares, Finerman Owns (BAC) Preferred Shares And Owns (BAC); Finerman's Firm Owns (WFC) Preferred Shares And Is Short (WFC); Finerman Owns (WFC) Preferred Shares; Finerman's Firm Owns (WMT), (RIG), (MSFT), (NOK), (PBR), (PDE), (BDK); Finerman's Firm Is Short (IJR), (MDY), (SPY), (IWM), (USO); Najarian Owns (AAPL) & Short (AAPL) Calls; Najarian Owns (BAC) & Short (BAC) Calls; Najarian Owns (BUCY) & Short (BUCY) Calls: Najarian Owns (C) Calls: Najarian Owns (FCX), Owns (FCX) Put, Is Short (FCX) Calls; Najarian Owns (JPM) & Is Short (JPM) Calls; Najarian Owns (JOYG) & Short (JOYG) Calls; Najarian Owns (MS) And Is Short (MS) Call; Najarian Owns (MSFT) And Is Short (MSFT) Call; Najarian Owns (PALM) Calls; Najarian Owns (RIMM) Call Spread; Najarian Owns (TEVA); Najarian Owns (V) & Short (V) Calls; Najarian Owns (WFC) Put Spread; Najarian Owns (YHOO) Calls
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