There’s Still 'Plenty to Do in Financials': Stock Picker
Financials were among the biggest sector losers last week. Is this a buying opportunity for investors or a sign to avoid the group? Tyler Dann, senior research analyst at Invesco, and Fred Cannon, co-director of research and chief equity strategist at KBW, discussed their insights.
“We have an accommodative Fed, and it looks like, because of Greece we’re going to stay in that position for a while. And the financials offer some great opportunities,” Cannon told CNBC.
Cannon also said he is not worried about the likely upcoming financial reform.
“We’re not going to go to a situation where the financial industries are not going to make money in the U.S."
"It’s going to be a level playing field and if you pick the right banks and stocks, you can make a lot of money during the adverse situation,” Cannon said.
In the meantime, Dann said financials are in a situation where investors aren’t given much confidence or clarity—but he believes that there’s still “plenty to do in financials.”
He likes Progressive , American Express and Legg Mason .
Scorecard — What They Said:
- Cannon's Previous Appearance on CNBC (Mar. 30, 2010)
- Dann's Previous Appearance on CNBC (Jan. 29, 2010)
More Market Intelligence:
- Investors Should Avoid Banks 'At All Costs': Whitney
- Cramer: After FinReg, Only a ‘Moron’ Deals with US Banks
CNBC Data Pages:
Top Financial Firms:
Bank of America
Dann owns shares of AXP, PGR and LM via owning shares in Invesco Charter Fund.
Dann’s Invesco Charter Fund owns more than 1 percent outstanding shares in LM and PGR.
No immediate information was available for Cannon or his firm.