Bank Stocks Taking It On The Chin

Daily Market Commentary for September 2, 2011

Bank stocks were taking it on the chin today after Federal Housing Finance Agency [FHFA] is prepared to initiate more lawsuits.
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Per the the Labor Department, job growth was unchanged in August, the weakest performance in almost a year. Payroll counts in June and July were revised lower by a cumulative 58,000. Payrolls rose a revised 20,000 in June and by 85,000 in July. Unemployment rate held steady at 9.1% as expected. Average hourly earnings decreased 0.1% to $23.09 and earnings up only 1.9% in the past year. The average workweek fell six minutes to 34.2 hours.

The so-called "super committee" co-chairs Senator Patty Murray, a Washington Democrat and Representative Jeb Hensarling, a Texas Republican, announced their first meeting for Thursday September 8th. The bipartisan congressional committee charged with finding ways to cut the U.S. budget deficit will go over rules for its work and take opening statements from its 12 members. The panel's task is to identify $1.5 trillion in deficit reduction from entitlements, tax reform and other areas of the budget.

Netflix (NasdaqGS: NFLX), a powerhouse on Wall Street, got slammed today after an announcement that Starz has ceased negotiations to renew its contract for streaming content with Netflix which is set to end February 28 of 2012. Shares of NFLX were lower by 9% and down almost 22 points by late afternoon trading. Starz commented that the move was designed 'to protect the premium nature of our brand by preserving the appropriate pricing and packaging of our exclusive and highly valuable content'. A statement from NFLX, “We are confident we can take the money we had earmarked for Starz renewal next year, and spend it with other content providers to maintain or even improve the Netflix experience."


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