The major indices only trade in positive territory briefly, as selling
pressure quickly sends the major indices back into the red. Still,
current levels are an improvement from opening lows.
Regional banks (+5.2%) are showing notable strength. Several regional
banks accepted roughly $28 billion in capital injections from the
Treasury, Bloomberg.com reports. Some of the banks named in the report
include SunTrust (STI 36.16, +1.05), KeyCorp (KEY 10.91, +0.79) and PNC
Financial Services (PNc 59.97, +1.09). Capital One (COF 36.25, +0.95)
was also named as a recipient.
Telecom (+1.8%) is outperforming after Verizon (VZ 27.25, +2.14)
reported in-line earnings results. Verizon posted a 4.8%
year-over-year increase in third quarter earnings per share, as
strength in cellular and FIOS helped offset weakness in its traditional
telecom business.