This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

SunTrust: Financial Loser

Stocks in this article: STI I:BKX

NEW YORK ( TheStreet) -- SunTrust (STI) was the loser among large U.S. banks on Friday, with shares sliding 1.5% to close at $34.97.

The broad indices all ended lower on a light day for economic news.

The Commerce Department reported that seasonally adjusted sales U.S. wholesalers during June were up 0.4% from May, and had increased 5.6% from June 2012. Wholesale inventories were down 0.2%, following a 0.5% decline during May. Economists polled by Thomson Reuters had on average expected wholesale inventories to rise by 0.4%.

The Labor Department on Friday said that the four-week moving average for initial unemployment claims declined last week to 333,500, which was close to being the lowest level since late 2007. While the week-to-week unemployment claims numbers have been typically volatile this summer, the U.S. unemployment situation appears to have turned the corner, according to Deutsche Bank's research team.

The Labor Department last Friday said the U.S. unemployment rate had improved to 7.4% in July from 7.6% in June.

"From 1990 to present, a level of 336k on claims has been consistent with an unemployment rate closer to 5.5% (based on a simple linear regression)," Deutsche Bank's analysts wrote in a note to clients on Friday. "In the last labor market recovery after the 2001 recession, when claims finally dropped to similar levels in November 2004, the unemployment rate was 5.4%. As a result, if claims remain near recent levels, the unemployment rate is poised for significant further improvement," the analysts wrote.

The KBW Bank Index (I:BKX) was down 0.4% to close at 65.33, with all but four of the 24 index components down for the session.

SunTrust

SunTrust of Atlanta and MetLife (MET) on Monday announced a three-year agreement for the bank to finance up to $5 billion in commercial real estate loans to be originated and managed by MetLife. The insurer recently launched an asset management business for institutional clients, focusing on real estate investing.

SunTrust reported second-quarter net income available to common shareholders of $365 million, or 68 cents a share, increasing from $340 million, or 63 cents a share, the previous quarter, and $270 million, or 50 cents a share, a year earlier.

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!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

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