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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 - Get Report) 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.

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SCT $15.67 -0.13%
ASFI $8.34 0.85%
BAC $15.31 -0.71%
ITG $27.65 0.95%
AAPL $123.25 -0.80%


DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

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