Diamonds and Dogs
The big banks passed their government stress tests. The large cap banks JP Morgan (JPM), Wells Fargo (WFC), Bank of America (BAC), Goldman Sachs (GS) and Citigroup (C) are all up 2% or more after passing their stress tests and hiking their dividends. The Fed said capital has increased from about $300 billion in 2009, when the stress tests started, to about $800 billion for the big banks.
The Democrats first primary was not good for the drug space as the candidates demonized the pharmaceutical industry. Biogen (BIIB) id down 2% not far from a 52 week low as the Piper Jaffray analyst downgraded the stock to neutral from overweight on concerns about competitive pressures for the suite of the company's multiple sclerosis treatments. The firm also lowered its price target to $250 from $280 per share.