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

SunTrust: Financial Loser

NEW YORK ( TheStreet) -- SunTrust (STI - Get Report) 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

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
STI $40.51 0.00%
AAPL $113.29 0.00%
FB $91.01 0.00%
GOOG $630.38 0.00%
TSLA $248.48 0.00%

Markets

Chart of I:DJI
DOW 16,643.01 -11.76 -0.07%
S&P 500 1,988.87 +1.21 0.06%
NASDAQ 4,828.3250 +15.6170 0.32%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs