{"id":14103,"date":"2023-08-24T03:13:26","date_gmt":"2023-08-24T03:13:26","guid":{"rendered":"https:\/\/isafespend.com\/investing\/schwabs-stock-outpaces-financial-stock-rebound\/"},"modified":"2023-08-24T03:13:27","modified_gmt":"2023-08-24T03:13:27","slug":"schwabs-stock-outpaces-financial-stock-rebound","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=14103","title":{"rendered":"Schwab\u2019s stock outpaces financial stock rebound"},"content":{"rendered":"
\n

Charles Schwab Corp. boosted financial stocks on Wednesday on an upbeat comment from Deutsche Bank, after the money services company successfully raised about $2.35 billion in corporate debt with healthy pricing of the bonds.<\/p>\n

Schwab
\n SCHW,
\n +2.76%<\/bg-quote>
\n stock was up 2.4% as Deutsche Bank reiterated a buy rating on Schwab and said losses in its stock price in the previous session presented a buying opportunity.<\/p>\n

\n

Deutsche Bank analyst Brian Bedell said the bond offering on Tuesday \u201crekindled some investor concerns\u201d around whether the company holds enough cash to cover client moves to pull money out of savings accounts into higher-yielding products.<\/p>\n

Bedell said such concerns are overblown and said the stock\u2019s 5% move down on Tuesday presents a buying opportunity. <\/p>\n

\u201cWe do not see any significant changes to client cash withdrawal behavior, SCHW\u2019s earnings profile, liquidity position or capital levels\u201d since Schwab\u2019s latest monthly update in July, he said.<\/p>\n

Schwab on Tuesday filed plans to raise $2.35 billion in debt by offering $1.35 billion in 6.136% fixed-to-floating rate senior notes due 2034, as well as $1 billion in 5.875% fixed-rate senior notes due 2026. <\/p>\n

The fixed-rate senior notes due 2026 priced at $99.916 per $100 of debt, with a spread to U.S. Treasuries of about 115 basis points, according to market sources. The bonds rose to $100.35 with a spread of 112 basis points on Wednesday and are performing well, sources said. <\/p>\n

Also read:<\/strong> Rise in Treasury yields is almost entirely due to one factor, strategist says<\/p>\n

Overall, most financial stocks moved into positive territory.\u00a0 <\/p>\n

The KBW Nasdaq Bank Index
\n BKX,
\n +1.14%<\/bg-quote>
\n was up 1% on Wednesday, on pace to snap a seven-day losing streak, according to Dow Jones Market Data. The Financial Select Sector SPDR Fund
\n XLF,
\n +0.98%<\/bg-quote>
\n rose 1% and the SPDR Regional Banking ETF
\n KRE,
\n +1.30%<\/bg-quote>
\n rose 1.3%. <\/p>\n

Bank of America Corp.
\n BAC,
\n +0.04%<\/bg-quote>
\n rose fractionally, while JPMorgan Chase & Co.
\n JPM,
\n +0.68%<\/bg-quote>
\n moved up by 0.8% and Goldman Sachs Group Inc.
\n GS,
\n +1.11%<\/bg-quote>
\n added 0.9%. <\/p>\n

Citigroup Inc.
\n C,
\n +0.15%<\/bg-quote>
\n rose 0.2% amid reports that it plans to reorganize its business again after moving on plans to sell off its overseas retail banking units.<\/p>\n

Also read:<\/strong> Citi mulling further reorganization under CEO Jane Fraser: reports<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Charles Schwab Corp. boosted financial stocks on Wednesday on an upbeat comment from Deutsche Bank, after the money services company successfully raised about $2.35 billion in corporate debt with healthy pricing of the bonds. Schwab SCHW, +2.76% stock was up 2.4% as Deutsche Bank reiterated a buy rating on Schwab and said losses in its<\/p>\n","protected":false},"author":1,"featured_media":14104,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[],"class_list":{"0":"post-14103","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing"},"yoast_head":"\nSchwab\u2019s stock outpaces financial stock rebound | iSafeSpend<\/title>\n<meta name=\"description\" content=\"Charles Schwab Corp. boosted financial stocks on Wednesday on an upbeat comment from Deutsche Bank, after the money services company successfully raised\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/isafespend.com\/?p=14103\" \/>\n<meta property=\"og:locale\" content=\"en_US\" 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