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Midday Thursday: Broader markets up amid increase in jobless claims, planned job cuts


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Midday Thursday: Broader markets up amid increase in jobless claims, planned job cuts

Bank and thrift stocks were down slightly in morningtrading Thursday, May 5, amid the latest reports on jobless claims and plannedlayoffs. Around midday,the SNL U.S. Bank Index slid 0.07% to 394.86 and the SNL U.S. Thrift Index slipped0.09% to 780.92.

The broader markets were in positive territory, withthe Dow Jones Industrial Average goingup 0.25% to 17,696.22, the S&P 500 rising 0.26% to 2,056.40 and the Nasdaqcomposite index climbing 0.25% to4,737.31.

The U.S. Labor Department reported that in the weekended April 30, the advance figure for seasonally adjusted initial joblessclaims was 274,000, up 17,000 from the previous week's unrevised level. Themedianforecast in a Bloomberg survey called for an increase to 260,000 claims.

The four-week moving average was 258,000, compared tothe previous week's unrevised average of 256,000, according to the LaborDepartment's report.

Challenger Gray & Christmas Inc. reportedthat U.S.-based employers disclosed a total of 65,141 planned jobcuts in April, up 35% from the planned layoffs announced in March and 5.8%higher than the figure recorded in April 2015.

JPMorganChase & Co., and Citigroup Inc.and were all down slightly. WellsFargo & Co., which offered some updates on its in its Form10-Q filed May 4, was trading up a couple cents around midday.

Lafayette, La.-based IBERIABANK Corp. was trading at $57.50 around midday, up1.20% from the previous close, amid news that the company's board authorizedthe repurchase of upto 950,000 common shares.

High Point, N.C.-based ticked up 0.14% to $21.88.The company recently announced that its unit and the FDICagreed on May 2 to terminate all existing loss-share agreements related tothe bank's acquisition of two failed banks in 2010 and 2011.

First ofLong Island Corp. retreated 1.76% to $29.00. The Glen Head,N.Y.-based company announced yesterday that it an underwritten public offeringof 1.2 million common shares at $29 per share, for gross proceeds of $34.8million.

Atlanta-based SunTrust Banks Inc. fell 0.62% to $40.39. The companydisclosed in a quarterly filing that it is facing a U.S. attorney into suspectedembezzlement by an employee of a SunTrust business client.

Among notable movers, Holland, Mich.-based rose 4.22%to $7.17; San Juan, Puerto Rico-based First BanCorp. jumped 2.79% to $3.68; and San Juan,Puerto Rico-based OFGBancorp climbed 2.51% to $8.39. Little Rock, Ark.-based ,meanwhile, dropped 2.45% to $36.76.

In the thrift space, Westbury, N.Y.-based slipped 0.34% to $14.44 and Cleveland-based TFS Financial Corp. (MHC)went up 0.17% to $18.13.

Market prices andindex values are current as of the time of publication and are subject tochange.