NEW YORK (TheStreet) -- Following Thursday's market pain -- especially for bank stocks -- investors need to move away from the screaming headlines for a moment and consider that nothing has really changed in two days, and the price action underscores some fantastic opportunities.
Following Warren Buffett's mantra of being "greedy when others are fearful," let's highlight some of the bargains:
Despite the sluggish economy, the lenders with the highest concentration in credit card loans -- including, of course, American Express (AXP), Discover Financial Services (DFS) and also Capital One (COF) -- have all done an excellent job working through problem loans, and have been posting fantastic earnings results. That means a healthy generation of excess capital, which will support share prices one way or another. American Express repurchased $1 billion in common shares during the second quarter, and announced another $1 billion buyback plan in July. Those are very significant buybacks for a stock with a $56 billion market capitalization.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- 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 + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV