Wells Fargo: Financial Losers
NEW YORK (
) -- Financial stocks retreated on Friday, taking a page out of the broader market, which was falling on concerns that China was looking to slow its economic growth.
There were few winners in the financial sector Friday. The Financial Select Sector SPDR
(XLF)
slumped 1.7% to $14.93.
Shares of the biggest four U.S. banks --
Bank of America
(BAC)
,
Citigroup
(C)
,
JPMorgan Chase
(JPM)
and
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Wells Fargo
(WFC)
- fell between 1% and 3%. Wells Fargo's shares were dipping 2.7% to $27.55 at last check.
News reports came out that
Bank of America had sold some of its BlackRock (BLK) stake to Mizuho Financial (MFG)
.
Regional banks were faring even worse with
Regions Financial
(RF)
,
Huntington Bancshares
(HBAN)
,
Fifth Third Bancorp
(FITB)
and
SunTrust Banks
(STI)
, among the worst performers.
Cullen/Frost
(CFR)
shares were falling 1.3% to $54.55 despite Moody's Investors Services upgrading its outlook on the Texas bank to stable from negative. Moody's said in a report that Cullen/Frost's "strong asset quality results from the company's solid underwriting as well as the bank's portfolio being located in Texas, where the real estate market has performed better relative to other states."
Outperformers of the day included tax service providers.
H&R Block
(HRB)
shares and
Jackson Hewitt
( JTX) shares were rising 2.1% and 1%, respectively.
--Written by Laurie Kulikowski in New York.
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Laurie Kulikowski
.
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Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.
