Financial Stocks in Motion

Montpelier Re's(MRH Quote) shares tumbled 14.7% after the Bermuda-based property and casualty reinsurance and insurance provider estimated its losses from Hurricane Katrina will range from $450 million to $675 million. The estimates are based on private industry insured loss estimates in the range of $30 billion to $40 billion. Montpelier shares were down $4.62 to $26.80.

WFS Financial(WFSI Quote) rose 7.9% on news that the Irvine, Calif.-based auto finance company is being purchased by Wachovia(WB Quote). The deal is part of Wachovia's agreement to buy Westcorp(WES Quote), which owns 84% of WFS Financial, for $3.42 billion. Wachovia will acquire the 16% of WFS in public hands for $490 million. Shares of WFS Financial were up $5.08 to $70.

RenaissanceRe(RNR Quote) rose about 4% despite saying on Friday that it doesn't expect to meet its previously announced earnings guidance for 2005. The company did note that it expected to be profitable for the full year of 2005, assuming there are no significant catastrophe loss events for the balance of the year. Shares of RenaissanceRe were up $1.68 to $44.33.

Countrywide Financial(CFC Quote) rose 1% after the Calabasas, Calif.-based financial services company said it expected losses from Hurricane Katrina to exceed $70 million. The company also said its mortgage loan servicing portfolio surpassed $1 trillion as of the end of August, up 33% from the same period a year ago. August mortgage loan fundings were up 71% from last year to $53 billion, a new record, the company said. Shares of Countrywide were up 35 cents to $35.02.

Citigroup(C Quote) rose 0.9% after Prudential upgraded the New York-based financial services company to overweight from neutral, noting the company's improved capital markets and strength in the company's international business. Prudential also raised Citigroup's stock price target to $53 from $47. Shares of Citigroup were up 40 cents to $45.