Bank of America: Financial Winners and Losers
NEW YORK (
) -- Financial stocks were weaker with the broader market Thursday following a disappointing sales outlook from
Cisco
(CSCO) - Get Report
.
The
Financial Select Sector SPDR
(XLF) - Get Report
an exchange-traded fund that tracks big U.S. financial stocks, was down 1.17% to $15.16. Financials were down, albeit modestly, across the board on roughly average volumes.
Citigroup
(C) - Get Report
shares fell 1.24% to $4.37 as a
judge allowed a high-profile class action lawsuit against the bank to proceed
.
Other bank stocks behaved similarly, however, with
Wells Fargo
(WFC) - Get Report
down by 1.68% to $28.10, and
JPMorgan Chase
(JPM) - Get Report
lower by 1.67% to $39.94.
Bank of America
(BAC) - Get Report
was also among the names in the news Thursday as the Charlotte, N.C.-based banking giant sold its rights to participate in a $9.2 billion rights offering by China Construction Bank, according to
Bloomberg
and
Dow Jones
reports citing spokespeople from both institutions. Bank of America has been selling assets in order to meet regulatory capital requirements. The buyer is
Temasek Holdings
, Singapore's sovereign wealth fund, which already owns a large stake in CCB.
Bank of America also took the offensive in its ongoing foreclosure-related battles, filing a
against a mortgage insurer. The bank's shares were down 1.75% to $12.35.
Investment banks fared a bit better than the money center banks Thursday.
Goldman Sachs
(GS) - Get Report
was one of the few large financial names in positive territory Thursday. The bank's shares were up 0.35% to $167.81 just before noon.
Morgan Stanley
(MS) - Get Report
's stock price was down only slightly, dropping 0.53% to $26.41.
--
Written by Dan Freed in New York
.
Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.
