Wednesday's Financial Winners & Losers
Doral Financial (DRL) sank after the Puerto Rico-based bank was downgraded by Cohen Brothers to sell from hold. Shares fell 64 cents, or 10%, to $5.80.
Safeguard Scientifics (SFE) gained after the Pennsylvania-based investment firm said it completed its previously announced sale of Mantas, a fraud detection services outfit.
The $122.6 million deal generated net proceeds of about $113 million for Safeguard, which had an 88% ownership interest in Mantas. Safeguard will report a net gain of about $83 million in its fourth quarter from the sale. Shares were trading up 10 cents, or 5.13%, to $2.05.
Shares of Bermuda-based W.P. Stewart (WPL) fell after declaring a quarterly dividend of 23 cents a share. The asset manager said it should be able to maintain the current dividend payout for the next several quarters. Shares fell $1.17, or 9%, to $11.30.World Acceptance (WRLD) advanced after the Greenville, S.C.-based credit services company said its board authorized a $55 million share buyback. The company also announced the pricing of $100 million convertible bond offering. The company intends to use a portion of the net proceeds to fund the repurchase of $48 million in shares. The stock rose $1.69, or 3.7%, to $47.92. Oppenheimer (OPY) gained after the brokerage said it will pay an $800,000 fine as part of a regulatory settlement with the NASD. The settlement stems from the firm's failure to comply with certain municipal bond reporting rules. NASD Enforcement Chief James Shorris says, "Oppenheimer repeatedly failed to comply with these fundamental regulatory obligations." Shares were up $1.52, or 5.49%, to $29.19.
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 + 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