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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
  • 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.
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