Daily Update

Brokers – the group was under pressure for most of the session; more sell-side number cuts (BoA/Merrill and Rochdale today and Deutsche Bank yesterday) and the disappointing JEF earnings continue to weigh.  JEF falls nother 2%+.  GS finishes off nearly 2%.  MS was a mild outperformer.  PJC is one of the few brokers that outperformed (stock ended up nearly 1%). 


Asset managers – the group sank in trading today; AMG, AB, BLK, EV, BEN, JNS, TROW, LM, all finish off 1-2% while IVZ drops ~3-4%. 


Credit cards – the group acted OK today; MA and V both eke out gains.  DFS rallies >1% (the stock hits multi-month highs and has had a very strong week since reporting earnings). 


Banks – the regional banks had tried to rally earlier in the day but they came for sale into the close; the money centers spent the day in the red across the board.  BoA and WFC both ended off 2-3%.  Within the regionals, USB, FITB, KEY, RF, STI, and ZION were some of the weakest (the USB selling received a lot of attention – the stock has been heavy really since its analyst meeting last week) 


Insurance – the life names were for sale for most of the day (adding to their losses from yesterday); MET, PFG, PRU, GNW, AFL, and LNC all end off nearly 4%.  HIG was an outperformer for most of the day following today’s pos. comments from Morgan Stanley, although the stock sank in the afternoon (ended off 2%).  Some of the non-life guys outperformed, but most closed lower (TRV was an exception).