Wednesday's edition of CNBC's "Halftime Report Final Trades" featured a mix of traditional banking plays and cryptocurrency exposure, as investment professionals shared their top picks heading into year-end.
Ethereum ETF Gets the Nod
Bryn Talkington, managing partner of Requisite Capital Management, highlighted iShares Ethereum Trust ETF (ETHA), noting the fund has dropped 33% from the highs it reached during the summer months. The pullback apparently looks like an opportunity to Talkington, who sees value in the crypto exposure at current levels.
Citigroup Following Leadership Changes
Jim Lebenthal, partner at Cerity Partners, picked Citigroup Inc. (C) as his final trade. The timing is interesting given Citigroup's recent announcement on Nov. 20 of a new chief financial officer and executive reshuffling as part of a broader reorganization of its U.S. personal banking business.
Gonzalo Luchetti, currently heading U.S. personal banking, will step into the CFO role in March. Meanwhile, Mark Mason, who has served as CFO since 2019, will transition to a newly created position as executive vice chair and senior executive advisor to CEO Jane Fraser. Luchetti brings nearly two decades of Citi experience, having joined in 2006, while Mason has been with the bank since 2001.
Bank of America Embraces Crypto
Stephanie Link, chief investment strategist, head of investment solutions and portfolio manager at Hightower Advisors, chose Bank of America Corporation (BAC) for her final trade.
Bank of America made headlines Tuesday when it formally began recommending a 1% to 4% cryptocurrency allocation for its wealth management clients. The bank also announced plans to launch coverage of multiple Bitcoin (CRYPTO: BTC) ETFs starting January 5, marking a significant shift in how traditional financial institutions are approaching digital assets.
Natural Gas Play Rounds Out Picks
Joseph M. Terranova, senior managing director for Virtus Investment Partners, selected EQT Corporation (EQT) as his final trade. The natural gas producer received a vote of confidence from Piper Sandler analyst Mark Lear on Nov. 18, who maintained a Neutral rating while raising the price target from $49 to $50.
How the Picks Performed
Wednesday proved to be a good day for all four recommendations:
- iShares Ethereum Trust ETF surged 5.4%
- Citigroup gained 3.4% to settle at $106.72
- Bank of America rose 1.7% to close at $54.09
- EQT shares climbed 4.4% to close at $61.17