NEW YORK (
) -- Investors were buying back into bank stocks on Friday following bearishness earlier in the week on mixed earnings reports.
Elsewhere in the financial sector, pink-sheet penny stocks
continued to shed massive value -- tracking 6.7% and 4% lower in late-morning trading.
The KBW Bank Index of large-cap stocks was up 0.2% at 45.95 in recent trading. Among the biggest positive movers were
, up 2% at $5.73,
, up 1.9% at $13.04,
, up 1.2% at $4.12 and
PNC Financial Services
, up 1.2% at $54.21. On the downside were
, down 2.5% at $12.72,
Marshall & Ilsley
, down 2.4% at $6.01,
, down 0.9% at $23.15 and
, down 0.7% at $26.41.
Huntington was among several regional lenders that reported better-than-expected results. On Thursday, the Columbus, Ohio-based regional lender beat profit expectations by 3 cents a share, having reversed losses in the year-ago period. Fifth Third posted similar trends, as did PNC.
But not all regional lenders fared quite so well.
Marshall & Ilsley saw its ratings cut to "junk" on Thursday because of ongoing losses. The Milwaukee-based bank also
shook up its top management when reporting a $169 million loss on Wednesday.
As for the big kahunas of banking, it was similarly a mixed bag.
Citi not only reported a $2.2 billion profit on Monday but the government followed up that better-than-expected report by saying it
plans to whittle down its common equity stake to 7% by year-end. Wall Street was also particularly pleased with
core earnings power and
surprisingly strong investment banking results - the two stocks have climbed more than 10% and 6%, respectively, over the past week.
Bank of America
investors faced more pain this week, following the bank's report of a $7.3 billion quarterly loss and a letter from high-profile investors demanding that it buy back $47 billion worth of toxic mortgage debt. Its stock is down nearly 5% for the week, having hit fresh lows on Tuesday, Wednesday and Thursday.
On Friday, Wells was tracking 0.5% higher at $26.16 while Bank of America was recouping some losses, heading 1.1% higher at $11.48. Goldman shares were down 0.7% at $158.25 by late-morning. Competitor
posted results earlier in the week, which even its CEO found disappointing, was tracking 0.2% higher at $24.65.
Rounding out the big-bank ranks was
, down 0.2% at $37.62. JPMorgan faces similar problems with foreclosures and buybacks as Bank of America, but to a lesser degree. Its stock has remained relatively resilient.
Also related to the mortgage mess were Fannie and Freddie whose regulator on Thursday outlined hundreds of billions of dollars in bailout funds the two firms will need in the years ahead. Fannie, the larger of the two mortgage-finance giants, was down 6.7% at 36 cents, while Freddie was down 4% at 38 cents.
American International Group
was showing the opposite trend - up 1.6% at $41.95 on news that the firm successfully raised nearly $18 billion to repay bailout funds via the biggest-ever Hong Kong IPO for an insurance unit. AIG has moved far out from the zombie stock ranks it shared with Fannie and Freddie just over a year ago.
-- Written by Lauren Tara LaCapra in New York
>To contact the writer of this article, click here:
Lauren Tara LaCapra
>To follow the writer on Twitter, go to
>To submit a news tip, send an email to:
Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.