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Midday Wednesday: BankUnited drops more than 7% following earnings

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Midday Wednesday: BankUnited drops more than 7% following earnings

Bank stocks continuedto expand in morning trading Wednesday, July 20, while thrift stocksdipped. Around midday, the SNL U.S. Bank Index grew 0.27% to 401.73 and the SNLU.S. Thrift Index ticked down 0.08% to 798.36.

The broader markets also moved higher, with the Dow Jones IndustrialAverage advancing 0.27% to 18,609.72, the S&P 500 increasing 0.50% to 2,174.51and the Nasdaq composite index hiking 1.03% to 5,088.00.

In economic news, mortgageapplications were down 1.3% week over week on a seasonally adjustedbasis for the week ended July 15, the Mortgage Bankers Association reported. Themarket composite index, which measures mortgage application volume, was up 24% onan unadjusted basis compared to the previous week.

Among large-cap banks, JPMorganChase & Co. inched up 0.46% to $64.15, Citigroup Inc. increased 0.21% to $44.44, gained 1.02% to $14.40,and Wells Fargo & Co.added 0.37% to $48.55.

On the earnings front, NorthernTrust Corp. dropped 1.45% to $66.14, as the Chicago-based company second-quarter net incomeapplicable to common stock of $254.9 million, compared to $263.4 million in theyear-ago period.

Buffalo, N.Y.-based M&TBank Corp. reported second-quarternet income available to common shareholders of $313.0 million, or $1.98 per share.The company shares dipped 0.80% to $117.78, around midday.

Miami Lakes, Fla.-based BankUnitedInc. plummeted 7.51% to $30.29, after its earnings release. The company reported second-quarter netincome of $56.7 million, or 52 cents per share, compared to $46.6 million, or 43cents per share, for the second quarter a year ago.

In addition, among banks that reported earnings after markets closed yesterday, dropped2.08% to $13.17; Tupelo, Miss.-based RenasantCorp. fell 2.36% to $33.12; and Stillwater, Okla.-based climbed 2.54% to$18.54.

In the thrift space, Westbury, N.Y.-based New York Community Bancorp Inc. dipped 1.03% to $14.82, andLake Success, N.Y.-based Astoria FinancialCorp. ticked down 0.76% to $15.07. San Diego-based added 0.55% to $16.50,and Cleveland-based TFS FinancialCorp. (MHC) increased 0.41% to $17.85.

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