This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Visa, Sun Bancorp: Financial Winners & Losers

Stocks in this article: BAC JPM C WFC

NEW YORK ( TheStreet) -- Financial stocks stalled on Friday as investors prepared for the Federal Reserve's policy-setting meeting next week and and the upcoming mid-term elections.

The sector's stocks were also faltering on Friday as the foreclosure crisis continues.

The Financial Select Sector SPDR was mildly in the red, down 0.2% to $14. 55.

The big four U.S. banks seemed to be stuck in first gear on Friday. At last check, Bank of America (BAC) shares were falling 0.9% to $11.43; Citigroup (C) shares were marginally falling, while JPMorgan Chase (JPM) shares were marginally rising on Friday. Wells Fargo (WFC) shares were falling 0.7% to $25.76.

Shares of Marshall & Ilsley (MI) were rising 2.2% to $5.96.

Valley National Bank (VLY), the New Jersey-based regional bank, saw its stock rise 1% to $13.34.

Visa (V) shares were rising 2.5% to $78.33, recouping losses from the prior day despite quarterly earnings growth of 50%, which the electronic payments network posted late Wednesday.

Sun Bancorp (SNBC) shares plunged 21% to $4 after the Vineland, N.J.-based bank said its quarterly loss was significantly worse than the year-earlier period. Sun Bancorp's quarterly net loss available to common shareholders was $75.3 million, or a loss of $3.14 a share, vs. a net loss available to common shareholders of $6.5 million, or 28 cents a share, for the third quarter of 2009.

Sun Bancorp, which has $3.6 billion in assets, had previously said in September that Wilbur Ross' private equity firm, WL Ross & Co., the bank's founding Brown family shareholders and other investors had injected $106.7 million through an equity raise for the struggling bank.

But Sun still had several other items that also negatively affected earnings, including a loan loss provision of $42.4 million that was more than double the provision for the comparable year-earlier period. Sun Bancorp also had an income tax provision of $28.8 million, which included a deferred tax valuation allowance of $49.9 million against its entire net deferred tax asset, among other charges.

Other financial stock losers of the day included Capital One (COF), First Horizon (FHN) and Zions Bancorp (ZION).

--Written by Laurie Kulikowski in New York.

To contact the writer of this article, click here: Laurie Kulikowski.

To submit a news tip, send an email to:

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs