Bank and thrift stocks moved lower in morning trading Thursday, July 21. Aroundmidday, the SNL U.S. Bank Index slipped 0.09% to 400.84 and the SNL U.S. ThriftIndex slid 0.20% to 794.91.
The broader markets were also in negative terrain, with theDow Jones Industrial Average retreating 0.19% to 18,559.90, the S&P 500decreasing 0.16% to 2,169.48 and the Nasdaq composite index slipping 0.08% to5,085.82.
Among large-cap banks, JPMorgan Chase & Co. dipped 0.15% to $63.83,Citigroup Inc.decreased 0.25% to $44.36, Bank ofAmerica Corp. slid 0.35% to $14.35 and Wells Fargo & Co. inched down 0.10% to $48.56.
F.N.B.Corp. dropped 8.79% to $12.04 amid news that the company agreed toacquire in anall-stock transaction valued at approximately $1.4 billion. Yadkin fell 3.51%to $25.04.
Bank of NewYork Mellon Corp., which was among the companies that reportedquarterly results earlier today, declined 2.97% to $38.82 in morning trading.The company reportedsecond-quarter net income applicable to common shareholders of $825 million, or75 cents per share, compared to $830 million, or 73 cents per share, in theyear-ago period.
CitizensFinancial Group Inc., meanwhile, advanced 2.39% to $21.83. Thecompany disclosed second-quarter net income applicable to commonstockholders of $243 million, or 46 cents per share, compared to the year-agoperiod's $190 million, or 35 cents per share.
BB&TCorp. reported second-quarter net income available to common shareholders of $541million, or 66 cents per share, up from $454 million, or 62 cents per share, inthe year-ago period. The company's stock ticked up 0.21% to $36.51 aroundmidday.
Among notable movers, Portland, Ore.-based fell 4.29% to$15.19 and Pasadena, Calif.-based East West Bancorp Inc. dropped 2.98% to $34.83.Gulfport, Miss.-based HancockHolding Co. jumped 6.08% to $29.50.
In the thrift space, Westbury, N.Y.-based wentdown 0.27% to $14.74, San Diego-based BofIHolding Inc. decreased 0.54% to $16.53 and Lake Success, N.Y.-basedAstoria FinancialCorp. declined 0.40% to $14.97. Cleveland-based ticked up0.16% to $17.79.
In economic news, the U.S. Labor Department reported that inthe week ended July 16, the advance figure for seasonally adjusted was253,000, down from the previous week's unrevised level of 254,000. Thefour-week moving average was 257,750, compared to the previous period'sunrevised average of 259,000.
Houseprices in the U.S. were up 0.2% in May on a seasonally adjusted basismonth over month, the Federal Housing Finance Agency reported, citing itsmonthly house price index. April's increase was revised to a 0.3% increase fromthe previously reported 0.2% increase.
Totalexisting-home sales in the U.S. rose 1.1 % on a month-over-monthbasis in June to a seasonally adjusted, annualized rate of 5.57 million,compared to a downwardly revised rate of 5.51 million in May, according to theNational Association of Realtors.
Market prices andindex values are current as of the time of publication and are subject tochange.