Financial Stocks on the Attack — Monday’s IP Market Recap

European and American markets responded positively to Monday's news that
France, Belgium and Luxembourg's governments were throwing troubled
Franco-Belgian bank Dexia a life preserver and major banks were especially
buoyed by the news. In the U.S., Citigroup (NYSE: C , +7.55%, $26.49), Wells
Fargo (NYSE: WFC , +6.48%, $26.13), Bank of America (NYSE: BAC , +6.44%, $6.28)
and JPMorgan (NYSE: JPM , +5.21%, $32.30) each shot up Monday, sending the KBW
Bank Index of major financial stocks up 5.3% to 37.45 its highest point in
about two weeks. Also, foreign banks Credit Agricole, BNP Paribas and Societe
Generale were up for the day. Other financial stocks up on the day included
Barclays (NYSE: BCS ), which was up 7.59% to $10.92, Morgan Stanley (NYSE: MS ,
+7.37%, $15.29), Deutsche Bank (NYSE: DB , +7.28%, $37.71) and Goldman Sachs
(NYSE: GS , +3.72%, $96.14), The bailout comes after this weekend's news that
the leaders of Germany and France announced they agreed on a plan to solve
Greece's lingering debt problems, as well as pledged to make sure European
banks had sufficient capital. However, French President Nicolas Sarkozy said
details of such a plan will not be released until later this month. Also on
Monday, Sprint (NYSE: S ) was battered after several analysts downgraded the
company following last Friday's company announcement that it would have to
raise new capital to help pay for an upgrade of its network. Sprint fell 7.88%
on the news to $2.22, putting the stock down almost 48% year to date and down
62% from its high in June. Primary competitors AT&T (NYSE: T , +2.57%, $29.17)
and Verizon (NYSE: VZ , +2.05%, $36.90) were both up on the day. Three Up Tata
Motors (NYSE: TTM ): Up 9.05% ($1.47) to $17.71. Wynn Resorts (NASDAQ: WYNN ):
Up 8.27% ($10.67) to $139.73. Arcelormittal (NYSE: MT ): Up 7.99% ($1.39) to
$18.78. Three Down Superior Energy Services (NYSE: SPN ): Down 13.79% ($3.78) to
$23.63. Vertex Pharmaceutical (NASDAQ: VRTX ): Down 9.07% ($4.03) to $40.41.
Netflix (NASDAQ: NFLX ): Down 4.77% ($5.59) to $111.62. As of this writing, Kyle
Woodley did not own a position in any of the aforementioned stocks.