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Midday Tuesday: Stocks in retreat


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Midday Tuesday: Stocks in retreat

Bank and thrift stocks into negative territory inmorning trading Tuesday, May 3. Around midday, the SNL U.S. Bank Index dropped2.68% to 399.27 and the SNL U.S. Thrift Index declined 1.59% to 784.25.

The Dow Jones Industrial Average retreated 1.15% to17,685.57, the S&P 500 fell 1.20% to 2,056.51 and the Nasdaq compositeindex went down 1.32% to 4,753.99.

In economic news, U.S. , including distressed sales,were up 6.7% year over year in March, according to CoreLogic's latest homeprice index. Compared to February, home prices, including distressed sales,were up 2.1%.

Against this backdrop, fell 2.79% to$62.01 and Wells Fargo &Co. slid 1.68% to $49.74.

CitigroupInc. was trading at $45.19 around midday, down 3.19% from theprevious close. Citi disclosed some new litigation against the company in its latest Form10-Q, including a new investor lawsuit alleging mismanagement in the collapseof the residential MBS market that triggered the 2008 recession, and a newlawsuit related to a fraud investigation into the company's Banamex unit.

Bank ofAmerica Corp. declined 3.42% to $14.27. According to its Form 10-Q,BofA settledyears-old complaints filed by the Federal Home Loan Bank of Seattle for $190 million. Thecompany said substantially all of that amount was previously accrued.

Green Bay, Wis.-based , whichrecently completedits merger with Sturgeon Bay, Wis.-based Baylake Corp., saw its stock drop 5.47% to $43.01.

Among notable movers, Louisville, Ky.-based fell 10.67%to $2.01 in morning trading Tuesday. San Juan, Puerto Rico-based declined 9.03% to$3.58 and OFG Bancorpretreated 5.38% to $8.26. PacificPremier Bancorp Inc., meanwhile, rose 1.18% to $24.05.

In the thrift space, New York Community Bancorp Inc. went down 2.32% to$14.76, EverBank FinancialCorp fell 2.66% to $14.65, BofI Holding Inc. dropped 3.18% to $19.21, retreated2.05% to $14.84 and TFS FinancialCorp. (MHC) slipped 0.88% to $18.11.

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