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BB&T: Financial Loser

NEW YORK ( TheStreet) -- While the broad market recovered some of its earlier losses it remained a dismal day for the financial sector, with BB&T Corp. (BBT - Get Report) the big loser, as shares gave up over 3% to close at $26.09.

The Bureau of Labor Statistics reported that the U.S. economy added only 18,000 new jobs in June, running counter to ADP's report Thursday that private-sector payrolls had increased by 157,000 jobs last month.

The Bureau of Labor Statistics also said that the financial sector had trimmed 15,000 jobs in June, after adding 14,000 in July.

The KBW Bank Index (I:BKX) was off 2%, to 48.34, with all 24 components of the index declining for the day.

Huntington Bancshares (HBAN - Get Report), which was down over 3% to $6.53, more than whipping out the stock's gains from the previous session.

Large banks closing out the week with share price declines of over 2% included Bank of New York Mellon (BK - Get Report), which closed at $25.80; Fifth Third Bancorp (FITB - Get Report), closing at $12.56; and SunTrust (STI - Get Report), which closed at $25.67.

Bank of America (BAC - Get Report) declined 2% to $10.71, following a Reuters report -- citing Sanford Bernstein -- that the company would take an additional $13 billion in charges, beyond the $8.5 billion settlement mortgage putback claims with the Federal Reserve Bank of New York and a group of private an investors, announced in late June.

Sanford Bernstein expects Bank of America to post a second-quarter net loss of 67 cents a share, when the company reports its second-quarter results on July 19.


-- Written by Philip van Doorn in Jupiter, Fla.

To contact the writer, click here: Philip van Doorn.

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Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.

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BK $39.40 0.31%
BAC $14.05 -0.57%
BBT $34.00 -0.32%
FITB $17.49 -0.29%
HBAN $9.87 0.10%


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