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Midday Friday: First Niagara down following earnings report, branch deal


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Midday Friday: First Niagara down following earnings report, branch deal

After closing in negative territory , bank and thrift stocks postedmixed results around midday Friday, April 29. The SNL U.S. Bank Index went down0.59% to 407.24, while the SNL U.S. Thrift Index rose 0.14% to 794.62.

The Dow Jones Industrial Average declined 0.66% to17,713.24, the S&P 500 decreased 0.72% to 2,060.85 and the Nasdaq compositeindex slipped 0.85% to 4,764.45.

Among the large-cap banks, fell 0.89% to$63.03, Bank of AmericaCorp. dropped 1.28% to $14.60, Citigroup Inc. dipped 0.42% to $46.53 and decreased0.77% to $50.02.

FirstNiagara Financial Group Inc. fell 1.31% to $10.51 around midday.Earlier today, the company reported first-quarter GAAP net income available tocommon shareholders of $40.8 million, or 11 cents per share. Yesterday, FirstNiagara disclosed that 18 of its branches are being to Warren, Pa.-based to resolveantitrust concerns related to First Niagara's pending merger with .

Around midday today, KeyCorp declined 1.18% at $12.27.Northwest BancsharesInc., the parent of Northwest Bank, saw its stock climb 3.42% to$14.06.

GreenBancorp Inc. jumped 3.96% to $8.63. The company disclosed yesterdaythat it has created astrategic initiative designed to substantially reduce the uncertainty in thefinancial results caused by its energy loan portfolio.

Among notable movers, Tyler, Texas-based jumped3.92% to $29.45 in morning trading. Wilmington, Del.-based dropped 8.39% to$5.46.

In the thrift space, New York Community Bancorp Inc. slipped 0.43% to $15.02and TFS Financial Corp.(MHC) slid 0.17% to $18.00.

In economic news, the Bureau of Economic Analysisreported that personal income and disposable personal income increased 0.4% inMarch. Personal consumption expenditures, meanwhile, rose 0.1%.

The final Aprilreading of the University of Michigan consumer sentiment index was 89.0,down from 91.0 in March, Bloomberg News reported.

Market prices and indexvalues are current as of the time of publication and are subject to change.