Tuesday's Financial Winners & Losers
Goldman Sachs (GS) surged after the big Wall Street investment firm surpassed Wall Street's third-quarter earnings expectations.
In the quarter, the firm earned $1.59 billion, or $3.26 a share, on revenue of $7.46 billion. Analysts polled by Thomson First Call expected earnings of $2.97 a share and revenue of $7.17 billion. In weeks leading up the earnings announcements, analysts had reduced estimates for Goldman Sachs and other brokers, citing the weak stock market. Shares were trading up $4.82 to $155.82.
Infinity Property and Casualty (IPCC) advanced after the Birmingham, Ala.-based property and casualty insurer was upgraded by Morgan Keegan to outperform from market perform. Shares were climbing $2.59, or 6.85%, to $40.40.
TD Banknorth (BNK) slipped after the Portland, Maine-based bank warned that third-quarter profits would fall short of Wall Street expectations. The company said earnings should range between 51 cents and 54 cents in a share. Prior to the warning, analysts had been predicting earnings of 58 cents a share.The bank says the current analyst estimate is too high "in light of the current interest rate and competitive environment." The lender says it is seeing a "leveling off'" in "commercial and consumer loans'' and a "slowdown'' in its fee-generating lines of business. Shares fell 73 cents, or 2.49%, to $28.63. Plum Creek Timber (PCL) stumbled after the Seattle, Wash.-based real estate investment trust was downgraded by Morgan Stanley to underweight from equal-weight. Shares fell $1.27, or 3.70%, to $33.03.
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