KEY Corp & BPOP – Will They Ever Make a Run?
It looks like the financial stocks are all taking off today, particularly the ones that haven’t had a run yet. For example, ABK and MBI are both making a nice move up today. Maybe they’re piggybacking off of the explosion of AIG’s stock price since they’re all related to insurance. That’s a good guess at least.
The ones that have made a run continue to do well. FRE and FNM continue to make their incredible runs. Banks also are doing well because of Citigroup and Paulson buying a bunch of their stock lately.
So what are some trading ideas today? I think KEY Corp is an interesting one. BPOP is another one — it closed at $1.94 today. Both haven’t really made a big run compared to their peers. I particularly like BPOP for the long haul. I think they’ll survive this recession and if they do, their stock should do very well (I’m long a small position on BPOP).
I took a position in KEY Corp (NYSE: KEY) today at $6.50. It’s disappointing that KEY’s share price has lagged it’s banking peers and isn’t moving much today. I think the downside on KEY is pretty limited and the upside is that it gets caught in the upswing on financial companies as of late and makes a strong move upwards. It’s good for a short term trade, but looking long term, KEY still has it’s share of problems (as with every bank out there). Still, overall, I’d gamble on KEY and see where it goes.
Anyways — as always, make good decisions and do your own homework!
