Tuesday's Financial Winners & Losers
Lehman Brothers (LEH) was one of Tuesday's financial sector winners, as the New York-based brokerage's stock was upgraded by UBS to buy from neutral. Shares climbed $2.98, or 4.69%, to $66.57.
First BanCorp (FBP) gained after the Puerto Rico-based bank was upgraded by Brean Murray to accumulate from sell. Shares climbed 40 cents, or 4.30%, to $9.70 recently.
Merrill Lynch (MER) is paying $1.3 billion to buy National City's (NCC) First Franklin mortgage franchise. Shares of Merrill Lynch rose 53 cents to $74.32, while National City gained 54 cents to $66.29.
TradeStation Group (TRAD) gained after the Plantation, Fla.-based online brokerage firm reported 55,166 daily average revenue trades, or DARTs, for the month ended Aug. 31, up 40% from 39,496 a year ago. Total client assets came to $1.5 billion, up 20% from last year's total of $1.3 billion a year ago. Shares gained 23 cents, or 1.56%, to $14.98.NetBank (NTBK) slipped after the Alpharetta, Ga.-based bank was downgraded by Friedman Billings Ramsey to underperform from market perform. Shares slipped 51 cents, or 8.01%, to $5.86. Sabine Royalty Trust (SBR) gained after the Dallas-based REIT declared a cash distribution of 38 cents a unit, payable on Sept. 29 to unit holders of record on Sept. 15. This distribution reflects primarily the oil production for June 2006 and the gas production for May 2006. Shares rose $1, or 2.09%, to $48.90.
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