Goldman Sachs and other stock prices brought current in this update
NEW YORK (
was among the winners of the financial sector Thursday after a bank analyst reiterated a buy rating on the stock, arguing that Goldman is the anti-Greece play and is selling at a discounted price.
rose more than 2% after Rochdale Securities analyst Dick Bove highlighted the belief that the bank is buying credit-default swaps on Greece, noting that hedge fund traders are arguing that if Greece's condition continues to deteriorate, Goldman will have a large profit on its position. In addition, Bove also points out technical support for Goldman's shares.
"Technicians have noted that the stock has penetrated the $167 to $168 resistance point and that this is now a support line," Bove wrote in a research note published late Wednesday. "Moreover, the theory is developing that the shorts have been unable to break the stock so buying is coming in." Bove also says that any financial reform bill "will be weak at best and will not constitute a problem for Goldman."
Goldman Sachs shares were lately up $4.26, or 2.4%, to $180.62.
In other Greece-related news, shares of
National Bank of Greece
trading in New York lost 2.4% to $3.64 on jitters over the country's mounting debt woes. Greece's banks have reportedly asked the country's government for more financial support.
Among U.S. banks,
was higher by 2.9% to $30.88,
Bank of America
tacked on 0.8% to $18.77,
rose 1.4% to $45.95, and
gained 0.9% to $32.29.
was in focus as several former executives appeared before the
for questioning on the bank's role as a subprime lender in the financial crisis.
"I can only say that I am deeply sorry that our management -- starting with me -- was not more prescient and that we did not foresee what lay before us," said Citigroup ex-CEO and Chairman Chuck Prince, according to prepared remarks. Former Treasury Secretary Robert Rubin, a former senior advisor and Executive Chairman at the company, was also set to appear before the FCIC.
Citigroup shares were lately up 2.8% to $4.48.
were also in focus as the bond insurer prepared to release fourth-quarter results after the close of trading Thursday. Analysts polled by Thomson Reuters are looking for a loss of $3.34 a share, on average, which would narrow from the year-ago loss of $6.97 a share. Ambac shares were climbing 5.2% to 64 cents ahead of the report.
dropped 2.1% to $8.34 after Robert W. Baird analysts downgraded the stock to underperform from neutral, citing valuation. The ratings cut comes a day after a Goldman Sachs analyst upgraded KeyCorp to buy from neutral and upped his price target to $10 from $7.
-- Written by Robert Holmes in Boston
Follow Robert Holmes on
and become a fan of TheStreet.com on