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
TheStreet Open House

Morgan Stanley: Financial Winner

NEW YORK ( TheStreet) -- Morgan Stanley (MS - Get Report) was the winner among the largest U.S. banks during an abbreviated trading session on Friday, with shares rising over 2% to close at $11.82.

The Financial Times reported that Morgan Stanley purchased 15 loans worth £430 million loan along Australia's Gold Coast from Lloyds Banking Group PLC (LYG), while Goldman Sachs purchased a £600 million portfolio of loans in New Zealand, also from Lloyds.

Goldman's shares rose 1% to close at $88.75.

The broad indexes weakened late in the session, but the KBW Bank Index (I:BKX) rose 1% to close at 34.90, as bank stock investors shrugged off another poor showing from the Italian Treasury, as the average yield on Italy's auction of ¿8 billion in 6-month bills climbed to 6.504%, according to Bloomberg. Meanwhile there was a slight sell-off in U.S. 10-year paper, with the market yield up to 1.96% at 1PM.

Meanwhile, the average yield on 2-year Italian paper was 7.82%, which exceeded the yield on Italy's 10-year bonds by roughly 50 basis points, in a classic sign of a distressed market for sovereign debt.

Large banks seeing 2% gains on Friday included People's United Financial (PBCT - Get Report), which closed at %11.82, and Wells Fargo (WFC - Get Report), closing at $11.83.

Wells Fargo is among the large mortgage servicers that could get a break from the Federal Housing Administration, as part of the broad settlement between federal regulators and state attorneys general. The American Banker reported that the FHA may release the servicers from liability related to their loss mitigation efforts on FHA-insured loans.

Major U.S. banks seeing shares rise 1% on Friday included Bank of America (BAC - Get Report), closing at $5.17; BB&T (BBT - Get Report), at $21.18; Citigroup (C - Get Report), at $23.68; and U.S. Bancorp (USB - Get Report), which closed at $24.03.


-- 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

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.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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!
BAC $15.31 0.00%
BBT $38.49 0.00%
C $51.00 0.00%
MS $35.83 0.00%
PBCT $15.09 0.00%


DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

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