Monday's Financial Winners & Losers
Scottish Re Group (SCT) surged after the Bermuda-based life insurer said it has received bids from a number of potential buyers.
In July, the insurer hired two Wall Street firms to explore a possible sale. The company took the move after announcing that CEO Scott E. Willkomm had resigned and the firm expected to post a loss of about $130 million for the second quarter. The news caused shares of Scottish Re to lose 75% of the value in a single day. In Monday trading, shares gained $1.09, or 11.71%, to $10.40.
Asta Funding (ASFI) gained after the Englewood Cliffs, N.J.-based asset management and liquidation company said its board approved a special cash dividend of 40 cents a share.
The special dividend, which will be paid on Nov. 1 to shareholders of record on Sept. 29, is in addition to the firm's regular quarterly dividend of 4 cents a share. Also, the company said it made portfolio purchases of about $1 billion in face value, for a purchase price of about $29 million during the fourth quarter. Shares gained 42 cents, or 1.31%, to $32.40.CRM (CRMH) slipped after the Poughkeepsie, N.Y.-based insurer said it was buying Embarcadero Insurance for about $45 million. Embarcadero, through its wholly owned subsidiary, Majestic Insurance Co., writes workers' compensation insurance for medium- to large-size businesses. Shares fell 38 cents, or 4.55%, to $8.01.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV