Bankand thrift stocks traded lower around midday Tuesday, Oct. 11, followingyesterday's gains.
TheSNL U.S. Bank Index fell 0.82% to 423.03, while the SNL U.S. Thrift Index slid0.73% to 823.42. Thebroader markets also moved lower — with the S&P 500 down more than 1%.
— whichearlier today reported quarterly results — saw its stock drop 3.29% to $40.00around midday, after starting the day in positive territory. The Little Rock,Ark.-based company reported third-quarter net income available to commonstockholders of $76.0 million, or 66 cents per share, compared to $46.1 million, or 52cents per share in the year-ago third quarter.
Meanwhile,Enterprise Financial ServicesCorp was up 1.20% to $32.00 around midday after it announced thatit agreed to acquireFestus, Mo.-based Jefferson CountyBancshares Inc. for approximately $130.6 million in cash and stock.
Thenation's four largest banks were down, with JPMorgan Chase & Co. losing 0.44% to $68.34,Citigroup Inc. sliding0.93% to $49.09, Bank of AmericaCorp. shedding 0.89% to $16.16 and slipping 0.44%to $45.45.
Duringa call with 500 Wells Fargo senior executives, CFO John Shrewsbury said thatthe company's third-quarter earnings were not much affected by the governmentdeals lost as a consequence of the scandal, adding that "thestory line is worse than the economics at this point," according to The Wall Street Journal, which revieweda recording of the hour-long call on Monday, Oct. 10. Wells Fargo is set toreport quarterly results Friday, Oct. 14.
Inthe thrift space, New YorkCommunity Bancorp Inc. was down 0.85% to $13.95, fell 1.11% to$14.30 and BofI HoldingInc. decreased 2.90% to $22.43.
In economic news, foreclosure inventory in the U.S. dropped 29.6% yearover year in August, and completed foreclosures plunged 42.4%, CoreLogicreported.
Market prices andindex values are current as of the time of publication and are subject tochange.