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!

Regions Financial: Bank Stock Loser

NEW YORK (TheStreet) -- Regions Financial (RF) was the loser among the largest financial names on Thursday, with shares sliding more than 2% to close at $8.95.

The broad indices ended lower and the KBW Bank Index (I:BKX) was down 1% to close at 60.16, following a mostly disappointing batch of economic reports:

The Department of Labor reported that initial unemployment claims for the week ended May 11 increased by 32,000 to 360,000, while the four-week moving average for jobless claims increased by 1,250 to 339,250, from the previous week's revised figure of 338,000.

Economists polled by Thomson Reuters expected initial unemployment claims to come in at 330,000.


The Labor Department said continuing unemployment claims during the week ended May 4 declined by 4,000 to 3.009 million.

The Philadelphia Federal Reserve Bank said its Business Outlook Survey for May "indicates some weakening of activity this month." The survey's broadest measure of manufacturing conditions is the diffusion index of current activity, which declined to negative 5.2 from 1.3 in April. Economists had expected the diffusion index to rise to 2.4.

"The current activity index has shown no pattern of sustained growth over the past seven months, generally alternating between positive and negative readings," the Philadelphia Fed said, adding that in its most recent survey 29% of firms reported declining activity, while 24% reported increased activity.

The Bureau of Labor Statistics said the consumer price index fell a bigger-than-expected 0.4% in April and that the core CPI, excluding food and energy prices, rose by 0.1%. The consensus estimate was for a 0.2% decline in the CPI and 0.2% rise in the core CPI.

The Census Bureau reported that U.S. housing starts during April declined by 16.5% to a seasonally adjusted annual rate of 853,000, falling short of the consensus estimate of 973,000 among economists. Building permits, however, were up 14.3% to a seasonally adjusted annual rate of 1.017 million, which was above the expected pace of 945,000.


In a note to clients before the market opened on Thursday, Citigroup head of global equity strategy Robert Buckland wrote that "there has just been the biggest mid-cycle rerating of global equities in over 40 years. Stock prices have rallied 30% since the 2011 lows while [earnings per share] are flat."

1 of 2

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 17,083.80 -2.83 -0.02%
S&P 500 1,987.84 +0.83 0.04%
NASDAQ 4,472.1080 -1.5890 -0.04%

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