New York Community Bancorp: Financial Loser
The broad indexes all declined as investors prepared for earnings season, set to begin after the market close, with Alcoa (AA) expected by analysts polled by Thomson Reuters to report second-quarter earnings of five cents a share, declining from 10 cents a share the previous quarter and 32 cents a year earlier.
For large U.S. bank holding companies, earnings season begins Friday at 7AM EST when JPMorgan Chase (JPM) reports its second-quarter results, followed by Wells Fargo (WFC), which is scheduled to report at 8AM.
Investors continued to worry over events in Europe, as the yields on Spanish 10-year bonds rose by 11 basis points to 6.98%, as Eurozone finance ministers set to meet in Brussels to discuss the rescue package for Spain's banks and a unified European bank regulator.The KBW Bank Index (I:BKX) declined 1% to close at 44.95, with 17 of the 24 index components showing declines for the session. New York Community Bancorp's shares have now declined 4% year-to-date, after declining 30% during 2011.
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