Quarterly earnings for regional banks arrive Thursday
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Comerica, based in Dallas, as well as Fifth Third of Cincinnati, KeyCorp (headquartered in Cleveland) and Charlotte-based Truist all report quarterly results Thursday. The KRE Regional Banking ETF (KRE) is down about 1% so far this year and down 25% in 12 months: Truist is up 6% in 2023, down 32% in 12 months. Fifth Third is down 0.3% in 2023, down 34% in 12 months. KeyCorp is down 1% in 2023, down 35% in 12 months. Comerica is down 1.3% in 2023, down about 34% in 12 months. By comparison: JPMorgan and Bank of America are both up 1.8% in 2023. JPM is down nearly 10% in 12 months. Bank of America is down 27% in 12 months. Citigroup is up 9% in 2023, down 24% in 12 months. Jamie Dimon (JPMorgan's CEO) and James Gorman (CEO of Morgan Stanley) are appearing on "Squawk Box" from Davos on Thursday morning.
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Netflix's quarterly results are coming |
The company reports after the bell Thursday. The stock is up about 10.7% in 2023, and it's gained 71% in six months. However, shares are still down 36% in the last 12 months.
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Corporate bond ETFs in the spotlight |
There were several big moves for investment grade corporate bond ETFs. The SPDR Portfolio Long Term Corporate Bond ETF (SPLB) up 1.6% today and up 8.3% in 2023 (yielding 4.18%). The Vanguard Long Term Corporate ETF (VCLT) up 1.6% today and up also up 8.3% in 2023 (yielding 4.1%). SPDR DoubleLine Total Return Tactical ETF (TOTL) up 1.2% today and up 3.6% in 2023 (yielding 4.5%). Vanguard Intermediate-Term Corporate Bond ETF (VCIT) up 1% today and up 4.4% in 2023 (yielding 2.9%). Fidelity Corporate Bond ETF (FCOR) up 1% today and up nearly 4.7% in 2023 (yielding 3.16%). Gilbert Garcia of the Garcia Hamilton & Associates corporate bond fund will be on live in the 1 p.m. hour Eastern time on Thursday.
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Amid reports of the possibility of another potential high-profile bankruptcy in the world of crypto, stocks tied to the digital asset class took a turn for the worse as bitcoin fell back below $21,000. Marathon Digital lost 17.4% today. (79% off the 52-week high) Grayscale Digital (GDLC) fell 13% today. (77% off the 52-week high) Riot Platforms fell about 11% today. (76% off the 52-week high) Galaxy Digital dropped nearly 9% today. (83% off the 52-week high) Silvergate dropped 8.4% today. (92.5% off the 52-week high) Coinbase fell about 7.3% today. (78% off the 52-week high) Cleanspark dropped 7% today. (82% off the 52-week high) MicroStrategy was down 6.2% today. (58% off the 52-week high)
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New military hardware package for Ukraine could be announced Friday, reports say |
After a solid 2022 for most of these big defense names, they're pretty much all down in 2023. Boeing is a notable exception, up nearly 10% in 2023. Elbit is up 4.6% in 2023. Textron is down 3.5% in 2023. General Dynamics is down 4.5% in 2023. Huntington Ingalls is down about 5% in 2023. Raytheon is down 5% in 2023. -
L3Harris is down 7% in 2023. Leidos is down 9% in 2023. Lockheed Martin is down 9% in 2023. Booz Allen is down about 10% in 2023. Northrop Grumman is down 18% in 2023.
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