Updated from 1:36 p.m. EDT
Financial stocks tripped Friday on recession talk and company-specific news, including some negative analyst calls.
The NYSE Financial Sector Index recently lost 24.89 points, or 0.3%, to 9283 as a few of its regional-bank components were hit with KBW downgrades. In particular, Central Pacific Financial (CPF Quote) and First Horizon National (FHN Quote) shed 5.5% and 3.4%, respectively, on cuts to underperform.
KBW cited Central Pacific's construction-portfolio "credit issues" which could have a "less than favorable effect" on near-term earnings, though it believes the bank will ultimately pull through the currently tough operating environment. As for First Horizon, the analyst believes the "current real estate credit climate will hamper earnings power in the near future" even as it takes "positive steps" to position the bank for long-term growth. ...
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