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Banks open lower as sell-side turns cautious

Published 11/08/2016, 09:38 AM
Banks open lower as sell-side turns cautious
C
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RF
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KEY
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FAS
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FAZ
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KRE
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KBE
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XLF
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IAT
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FXO
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IYF
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IYG
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KBWB
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KBWR
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SEF
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UYG
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FINU
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RWW
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RSPF
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KRS
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KRU
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VFH
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QABA
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FNCL
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FINZ
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WDRW
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DPST
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XLFS
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JHMF
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BTO
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  • The major averages are down just marginally, but the banks (KBE -1.3%), (KRE -1.1%) are sporting sizable early losses as the sell-side cashes in some chips after a big run higher for the sector.
  • Valuations are full, higher interest rates have been baked in, and an uncertain election outcome are the common themes to the downgrades, which include earlier-reported cuts by Citigroup (NYSE:C) for Goldman, KeyCorp (NYSE:KEY) and Citizens Financial, and a downgrade to Regions Financial (RF -1.7%) by Sandler O'Neill.
  • ETFs: XLF, FAS, FAZ, KRE, UYG, VFH, KBE, IYF, BTO, IAT, IYG, FNCL, SEF, FXO, KBWB, QABA, KBWR, RYF, FINU, KRU, RWW, XLFS, FINZ, KRS, JHMF, WDRW, DPST, FAZZ, FNCF, FTXO

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