Bank stocks are rallying this morning after yesterday’s blood bath in financials.Here’s what’s going on.
Bank of America is currently leading the blue chip stocks higher today.
Shares of BofA were last up about 4.3%. BofA shares fell 32 cents, or 5%, to close at $6.06 on Thursday.
In terms of news, Bank of America is reportedly in talks to sell its $800 million stake in NPC International, which operates 1,140 Pizza Huts in 28 states. BofA is also reportedly selling $880 million in commercial real estate loans to a group of investors. These efforts are part of the bank’s plan to raise capital and shore up its balance sheet.
JPMorgan shares were last up 1.3% to trade near $29.63 on Friday after falling $1.07, or 3.5% yesterday, to end at $29.27 a share.
Goldman Sachs was last trading up 2.33%. Goldman closed at $93.98 a share yesterday.
In a research note today, JPMorgan securities cut Goldman Sachs price target lower to $181 from $198. Yesterday, Barclays predicted Goldman would report its second earnings loss this quarter in its history.
Morgan Stanley was last up 5.71% to trade at about $13.74 a share, compared to yesterday’s close of $13.06 a share.
Shares of Morgan Stanley were rocked yesterday after news of the bank’s possible $39 billion exposure to French banks, which have been getting crushed this year.
Citigroup was last up 2.71% to trade near $24.61 a share. Citigroup shares closed down $1.56, or 6.1%, to end at $23.96 a share on Thursday.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.