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!

First Niagara: Financial Winner

NEW YORK (TheStreet) -- First Niagara Financial Group (FNFG) was the winner on Friday among large U.S. financials, shares rising over 2% to close at $9.79.

First Niagara is scheduled to report its third-quarter financial results next Thursday, with analysts polled by FactSet expecting the company to post earnings of 26 cents a share, increasing from 22 cents in the third quarter of 2010.

Bank stocks were mixed on a day that saw a violent clash between Occupy Wall Street protestors and New York City police.

The KBW Bank Index (I:BKX) rose 1% to close at 38.01.

Wells Fargo (WFC) was also up over 2% to close at $26.67. The San Francisco lender will report its third-quarter results on Monday, with analysts expecting EPS of 72 cents, increasing from 70 cents the previous quarter and 60 cents a year earlier.

Large banks ending the week with 2% gains included Citigroup (C), closing at $28.08, and State Street (STT), which closed at $33.80.

Citigroup will also report its third-quarter results on Monday, with the consensus among analysts polled by FactSet for the company to report third-quarter EPS of 82 cents, declining from $1.09 in the second quarter, but rising from 72 cents in the third quarter of 2010.

State Street is scheduled to report its third-quarter financial results on Tuesday, with analysts polled by FactSet expecting the company to post earnings of 89 cents a share, declining from EPS of a dollar the previous quarter and $1.08 in the third quarter of 2010.

Shares of JPMorgan Chase (JPM) rose 1% to close at $13.81, following Thursday's 5% decline, after the company opened the third-quarter earnings season for banks by reporting an 11% quarter-over-quarter revenue decline.

FBR Capital Markets analyst Paul Miller reiterated his "Outperform," or "Buy" rating for JPMorgan, saying the company was likely to ""to continue to take market share and buy back stock with excess cash flow," and was well-positioned to meet enhanced Basel III capital requirements.

Other Large banks rounding out the week with 1% gains included Bank of New York Mellon (BK), closing at $18.99; Fifth Third Bancorp (FITB), at $11.34; and U.S. Bancorp (USB), which closed at $24.57.

Commerce Bancshares (CBSH) was down 2% to close at $36.36, following the previous session's 4% decline. The company on Thursday reported reported a sharp decline in its third-quarter net interest margin and warned of a significant decline in fourth-quarter fee income as a result of the Federal Reserve's new rules that went into effect on October 1, limiting the interchange fees charged to merchants to process debit card purchases as required by the Durbin Amendment.

RELATED STORIES:





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

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

To follow the writer on Twitter, go to http://twitter.com/PhilipvanDoorn.

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 TheStreet.com 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.

Select the service that is right for you!

COMPARE ALL SERVICES
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 16,960.57 -123.23 -0.72%
S&P 500 1,978.34 -9.64 -0.48%
NASDAQ 4,449.5640 -22.5440 -0.50%

Brokerage Partners

Rates from Bankrate.com

  • 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