This Day On The Street
Continue to site
ADVERTISEMENT
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

Morgan Stanley: Financial Winner

The Department of Labor said that first-time unemployment claims for the week ended April 27 totaled 324,000 on a seasonally adjusted basis, declining 18,000 from 342,000 the previous week. This was the lowest initial jobless claims number in over five years. Economists polled by Thomson Reuters had expected new unemployment claims to come in at 345,000.

Another report of an improving employment picture in the United States came from outplacement firm Challenger, Gray and Christmas, which said that layoffs declined to 38,121 in April, which was the lowest number of job cuts since December. During March, there were 49,255 layoffs. Then again, the firm also said that layoffs from financial firms increased, with 34,856 jobs lost during the first four months of 2013, compared to 12,860 a year earlier.

The KBW Bank Index (I:BKX) was up 1% to close at 56.44, with all but two of the 24 index components showing gains for the session.


Good News for Bank of America

Shares of Bank of America (BAC - Get Report) rose slightly to close at $12.19, after Law 360 reported that several investors had dropped their objections to the bank's $8.5 billion proposed settlement in June 2011 of mortgage putback claims related to loans originally securitized by Countrywide Financial.

Bank of America acquired Countrywide in 2008. Law 360 reported that investors dropping their objections to the June 2011 proposed settlement this week included the Federal Home Loan Bank of San Francisco on Wednesday, "joining several state and union pension funds that bowed out the day before."

Bank of America set aside the cash for the settlement in the second quarter of 2011, along with an additional $5.5 billion for other mortgage repurchase claims.


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

>Contact by Email.

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.
2 of 2

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
Only $9.95
14-Days Free
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
SYM TRADE IT LAST %CHG
BAC $16.72 0.00%
MS $38.52 0.00%
AAPL $129.96 0.00%
FB $80.44 0.00%
GOOG $539.18 0.00%

Markets

DOW 18,011.94 -28.43 -0.16%
S&P 500 2,109.60 -2.13 -0.10%
NASDAQ 5,076.5240 -6.4050 -0.13%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs