Morning Financials Update

Big Movers

Top 20 Financial Stock Movers

Company [ticker]NewsPrice Move
Washington Mutual Inc [WAMUQ]Valuation-insensitive buyers on high volume and no news.

13%

Pacific Capital Bancorp NA [PCBC]Strong buying at the open leads the stock up on no news.

6%

Ashford Hospitality Trust Inc [AHT]No news materially driving the stock price

6%

First BanCorp/Puerto Rico [FBP]No news materially driving the stock price

4%

Radian Group Inc [RDN]No news materially driving the stock price

4%

EastGroup Properties Inc [EGP]Jim Cramer likes it for the yield.  Mentioned on Mad Money.

3%

Advance America Cash Advance C [AEA]No news materially driving the stock price

3%

LoopNet Inc [LOOP]No news materially driving the stock price

3%

Heartland Financial USA Inc [HTLF]No news materially driving the stock price

3%

China Real Estate Information  [CRIC]No news materially driving the stock price

3%

Move Inc [MOVE]Banxquote.com sues them for antitrust reasons.

2%

First Bancorp/Troy NC [FBNC]No news materially driving the stock price

2%

United America Indemnity Ltd [INDM]No news materially driving the stock price

2%

Enstar Group Ltd [ESGR]No news materially driving the stock price

-3%

New York Community Bancorp Inc [NYB]No news materially driving the stock price

-3%

Stewart Information Services C [STC]No news materially driving the stock price

-3%

Waddell & Reed Financial Inc [WDR]No news materially driving the stock price

-3%

Artio Global Investors Inc [ART]Dilution.  Issuing shares to buy back units from principals.

-4%

First American Financial Corp [FAF]Index investors sell off FAF as CLGX remains in the S&P 400.

-4%

Assured Guaranty Ltd [AGO]Determined sellers on light volume and no news.

-4%

Thoughts:

Group Price Movements for this Morning

Real Estate Mgmnt/Servic

1.2%

Reinsurance

0.0%

REITS-Health Care

-0.3%

Commercial Serv-Finance

1.1%

Diversified Banking Inst

0.0%

REITS-Storage

-0.3%

Finance-Consumer Loans

1.0%

Multi-line Insurance

0.0%

Commer Banks-Western US

-0.3%

Insurance Brokers

0.7%

Exchanges

0.0%

S&L/Thrifts-Central US

-0.4%

Life/Health Insurance

0.7%

Property/Casualty Ins

0.0%

Commer Banks-Central US

-0.5%

Other

0.5%

Fiduciary Banks

-0.1%

Invest Mgmnt/Advis Serv

-0.5%

Retail-Pawn Shops

0.4%

REITS-Hotels

-0.1%

REITS-Diversified

-0.5%

Real Estate Oper/Develop

0.4%

Commer Banks-Eastern US

-0.1%

REITS-Single Tenant

-0.5%

Finance-Invest Bnkr/Brkr

0.4%

Grand Total

-0.1%

Finance-Credit Card

-0.5%

REITS-Mortgage

0.4%

REITS-Office Property

-0.1%

S&L/Thrifts-Eastern US

-0.7%

REITS-Regional Malls

0.1%

REITS-Forestry

-0.1%

Finance-Auto Loans

-0.7%

Commer Banks Non-US

0.1%

REITS-Warehouse/Industr

-0.1%

Super-Regional Banks-US

-1.0%

REITS-Apartments

0.1%

REITS-Shopping Centers

-0.2%

Financial Guarantee Ins

-1.1%

S&L/Thrifts-Western US

0.1%

Commer Banks-Southern US

-0.2%

GSEs

-2.3%

I look at these companies for big news events that have occurred since the last close.  Often there isn’t any, but big changes here can be an indication that someone knows something, or there is trading noise.  After that, it is up to the analyst to dig.  Often, the dog that does not bark is the clue, as stocks move up or down on no news, as well as unexplained large spikes in volume, CDS spreads, and implied volatility of options.

Note: If I use the phrase “better seller,” it does not mean “sell.”  If I use the phrase “better buyer,” it does not mean “buy.”  “Better seller” and “better buyer” are bond portfolio manager terms that simply mean that if I were forced to take action on a security, what would I do as a trader in the short run, given the current news.

Disclosure: long ALL NWLI SAFT RGA AIZ PRE CB