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Midday Wednesday: Despite improved economic reports, markets in red


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Midday Wednesday: Despite improved economic reports, markets in red

U.S. bank stocks were down around midday Wednesday, Aug. 9, despite some sunny labor and housing market reports.

The S&P Global Market Intelligence U.S. Bank Index and Thrift Index fell by 0.76% to 552.64 and by 0.77% to 888.69, respectively.

The broader markets were also lower, with the Dow Jones Industrial Average Index slipping 0.31% to 22,016.95, the S&P 500 down by 0.29% to 2,467.69 and the NASDAQ Composite Index declining 0.58% to 6,333.47.

Following the announcement of Pacific Premier Bancorp Inc.'s $226.3 million stock deal for fellow Californian Plaza Bancorp, the buyer's stock fell by 0.14% to $36.50. Plaza's, which is listed on OTC Pink, was up 9.23% to $7.10. The transaction is expected to make Pacific Premier a roughly $7.7 billion bank.

Meanwhile, the roughly $2 billion-asset bank, Wilmington, N.C.-based Live Oak Bancshares Inc., priced a common stock offering. Its stock has fallen 3.63% to $23.22.

In broader U.S. news, Census Bureau data showed that wholesale inventories were up 2.8% in June from a year earlier, while a Bureau of Labor Statistics report showed nonfarm labor productivity had increased quarter over quarter, with output up by 3.4%.

The Mortgage Bankers Association also reported mortgage applications in the country rose 3.0% week over week for the week ended Aug. 4.

Citigroup Inc.'s stock price was 1.31% lower at $67.99. At Bank of America Corp. it was down 0.94% to $24.65; at JPMorgan Chase & Co., 0.49% lower at $93.22.

And amid news that Wells Fargo & Co.'s various auto insurance programs are under scrutiny from even more regulators, the San Francisco-based company's stock was down 0.66% to $52.36.

Other notable movers were United Bankshares Inc., down 2.20% to $33.30; First Merchants Corp., down 1.71% to $39.69; Washington Federal Inc., down 1.86% to $33.02; and Home BancShares Inc., down 1.14% to $24.72.

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