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Daily News Provided by: utahautorestoration.com
Futures for the Dow Jones industrial average, S&P 500 index and Nasdaq 100 rose late Wednesday, fueled by JPMorgan Chase (JPM), Bank of America (BAC), Citigroup (C) and other big financials rallying on buyback and dividend hikes after passing the second round of stress tests.
XAutoplay: On | Off S&P 500 futures rose 0.3% above fair value, Nasdaq 100 futures advanced 0.3% while Dow futures gained 0.2%.
During the regular session, the Dow's JPMorgan Chase and a few other financials broke out into buy range as the major averages rebounded from Tuesday's sell-off. JPMorgan rose 2% to 89.82, topping an 89.23 double-bottom entry. JPMorgan popped above 91 late Wednesday after announcing a $19.4 billion buyback and hiking its dividend 12% to 56 cents. Citigroup, which broke out June 8, rose more than 2% on its capital return plans — a $15.6 billion buyback and doubling its dividend to 32 cents — signaling a move out of buy range.
Many other banks also gained ground Wednesday night, with several poised to flirt or clear buy points on Thursday, including Bank of America and superregionals PNC Financial (PNC), Comerica (CMA) and Keycorp (KEY).
IBD'S TAKE: JPMorgan Chase is often viewed as the best-run Wall Street bank. But its stock is rated fifth in the Bank-Money Center group. See which are the top-rated banking giants, and how they stack up vs. objective criteria, at IBD's Stock Checkup.
Bank of America
Bank of America will repurchase $12 billion in stock and increase its payout by 60% to 12 cents a share. BofA stock rose 1.5% to 24.23 in late trading after rising 2.6% to 23.88 in regular stock market trading Wednesday.
Bank of America has a conventional flat base buy point of 25.90. But an aggressive investor could see 24.45 as an early entry.
PNC Financial lifted its dividend to 75 cents, up 36%, and OK'd a $2.7 billion buyback. PNC stock rose 2.5% to 126.50 in late trade after closing up 1.9% to 123.40.
PNC has a flat base buy point of 131.93. But it has an aggressive entry of 124.54.
Comerica will buy up to $605 million in shares as its payout climbs 15% to 30 cents. Shares rose 1% to 72.69 after hours. Comerica edged up just 0.2% at 71.94 in the regular session.
Comerica cleared a 73.51 cup-with-handle buy point earlier this month, but fell back below that level on June 20. The stock found support at its 50-day line and has rebounded modestly, leaving the old entry area still valid.
Keycorp raised its dividend by 11% to 11 cents and announced an $800 million buyback. Keycorp advanced 1.2% to 18.60 after hours following a 1% gain during the regular session.
Keycorp has a 19.19 cup-with-handle entry.