Trader Talk
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Why Are Financials Weakening Now?
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CNBC Reporter
Financials weaken midday. Traders are citing two factors:
1) Citigroup [C
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()
] dropping below $4 just prior to noon ET for the first time since mid-August;
2) cautious testimony from Jon Greenlee, director of the Fed's Division of Banking Supervision and Regulation to the House Oversight and Government Reform subcommittee, Greenlee said, among other things:
1) "Poor loan quality, subpar earnings, and uncertainty about future conditions raise questions about capital adequacy for some institutions."
2) "the condition of the banking system is far from robust. Two years into a substantial economic downturn, loan quality is poor across many asset classes and, as noted earlier, continues to deteriorate as weakness in housing markets affects the performance of residential mortgages and construction loans."
The link to his testimony is here
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- 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
