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Banking industry

Stocks in the News: CFIN, SNV, WM, ZION, and SIGI

Strategic Insights

— 2 min read

M2 COMMUNICATIONS LTD provided a news update on July 23, 2004, detailing the performance of various financial service companies, including Consumers Financial Corporation (OTC: CFIN), Synovus Financial Corporation (NYSE: SNV), Washington Mutual Incorporated (NYSE: WM), Zions Bancorp (NASDAQ: ZION), and Selective Insurance Group Incorporated (NASDAQ: SIGI).

Consumers Financial Corporation, an insurance holding company, reported a strong focus on selective medical technologies, real estate, and construction management. Synovus Financial Corporation saw its shares gain 0.16% after being upgraded by Raymond James from "Under Perform" to "Market Perform". Washington Mutual Incorporated, facing a significant job cut, saw its shares increase by $0.50 during normal trading and after hours.

Zions Bancorp reported a net income of $98.8 million, but fell short of analyst expectations, resulting in a downgrade by AG Edwards from "Buy" to "Hold". Selective Insurance Group Incorporated's shares dropped 7.29% after being downgraded by CSFB from a rating of "Neutral" to "Under Perform". The company reported a 17% rise in revenues and a 240% increase in net income for the quarter ended 3/04.

The market saw a rally from buyers, with the Nasdaq gaining 0.78%, the Dow up 0.04%, and the S&P 500 up 0.27%. The Semiconductor sector experienced a significant recovery, with the SOX Index and BTK Index up 3.1% and 2.4%, respectively.

Key Takeaways:

  • Consumers Financial Corporation is an insurance holding company with a focus on selective medical technologies, real estate, and construction management.
  • Synovus Financial Corporation saw its shares gain 0.16% after being upgraded by Raymond James, with a 9.1% increase in Q2 earnings and 7.7% EPS growth.
  • Washington Mutual Incorporated plans to eliminate 1,840 jobs and close approximately 100 retail lending and loan processing offices, with its shares increasing by $0.50 during normal trading and after hours.
  • Zions Bancorp reported a net income of $98.8 million, but fell short of analyst expectations, resulting in a downgrade by AG Edwards from "Buy" to "Hold".
  • Selective Insurance Group Incorporated's shares dropped 7.29% after being downgraded by CSFB, with a 17% rise in revenues and a 240% increase in net income for the quarter ended 3/04.
  • The market saw a rally from buyers, with the Nasdaq gaining 0.78%, the Dow up 0.04%, and the S&P 500 up 0.27%.
  • The Semiconductor sector experienced a significant recovery, with the SOX Index and BTK Index up 3.1% and 2.4%, respectively.

Statistics:

  • 0.16% gain in Synovus Financial Corporation shares after being upgraded by Raymond James.
  • 9.1% increase in Q2 earnings for Synovus Financial Corporation.
  • 7.7% EPS growth for Synovus Financial Corporation in Q2.
  • 1,840 jobs to be eliminated by Washington Mutual Incorporated.
  • 100 retail lending and loan processing offices to be closed by Washington Mutual Incorporated.
  • 98.8 million net income reported by Zions Bancorp.
  • 1.09 EPS for Zions Bancorp.
  • 108 million analyst expectation for Zions Bancorp EPS.
  • 7.29% drop in Selective Insurance Group Incorporated shares after being downgraded by CSFB.
  • 17% rise in revenues for Selective Insurance Group Incorporated.
  • 240% increase in net income for Selective Insurance Group Incorporated.

Sources:

  • M2 PressWIRE, July 23, 2004
  • M2 COMMUNICATIONS LTD
  • InvestSource Inc.

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