Joe Terranova Adds Texas Capital Bancshares Inc To His Portfolio, Sells iPath S&P 500 VIX Short Term Futures TM ETN

Speaking on CNBC's Fast Money Halftime Report, Joe Terranova said that he decided to sell iPath S&P 500 VIX Short Term Futures TM ETN VXX from his portfolio. He added that he bought Texas Capital Bancshares Inc TCBI because he wanted to get exposure to the energy related stocks. The company reported earnings on Thursday and Terranova thinks that it is misunderstood by the Wall Street. Banks in the oil region are getting hammered, but only 1 percent of Texas Capital Bancshares Inc's portfolio is in the energy services and 6 percent is in the oil producers. He believes that these loans are safe because 90 percent of the oil producing companies in Texas Capital Bancshares Inc's portfolio are hedged.