Tuesday's Financial Winners & Losers
Citigroup (C) plans to end its retail banking operations in France and close its last branch, in Paris, next year, according to a published report. The Financial Times reported that Citi made the decision because it has been losing money with the business "for decades."
The FT cited a report first carried in its sister publication, France's Les Echos. Shares of Citi were up 11 cents, or 0.2%, to $49.45.
Transnational Financial Network (TFN), a wholesale and retail mortgage banking firm, said its board approved an increase in the number of shares that will be acquired by an affiliate of Pegasus Funds, a private equity fund.
Originally, Pegasus had agreed to purchase 2.5 million shares for 70 cents each, but the amendment increases that number to 3 million. Transnational was tacking on 1 cent to 90 cents.TD Ameritrade (AMTD) was rising after Banc of America Securities upgraded the discount broker's stock. The rating on TD was taken to buy from neutral, and its shares were gaining 10 cents, or 0.7%, to $14.36. Security Bank (SBKC) affirmed its previously issued profit guidance of $1.42 to $1.47 a share for 2006. The company earned $1.27 a share last year. The bank holding company also said it was comfortable with current analyst estimates that call for earnings of $1.60 to $1.68 for 2007. Shares of Security Bank were higher by 28 cents, or 1.3%, to $21.95. Summit Financial Group (SMMF) said its mortgage origination unit, Summit Mortgage, experienced a 16.4% decline in mortgage origination revenue in the second quarter compared with the same period in 2005. Mortgage origination revenue for the quarter ended June 30 fell to $5.9 million from $7.1 million last year, as loan originations dropped to $67.1 million from $83.6 million. As a result, Summit, which also owns Summit Community Bank, is forecasting second-quarter earnings of 36 cents to 37 cents a share, compared with 43 cents last year. Summit's shares were dropping $2.75, or 12%, to $20.20. Franklin Resources (BEN) said its board authorized the repurchase of up to 10 million shares in either open market or private transactions. Franklin bought back about 9.8 million shares during the quarter ended June 30. The company has around 253.6 million shares outstanding. Franklin, an investment management firm that operates as Franklin Templeton Investments, saw its shares slip 18 cents, or 0.2%, to $83.26.
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