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.
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