Monday's Financial Winners & Losers
Van der Moolen (VDM) jumped on news that the Amsterdam-based specialist trading firm will release its third-quarter results on Nov. 14, two days earlier than it had originally planned. Shares were up 52 cents, or 9.4%, to $6.07.
CorVel (CRVL) gained after the Irvine, Calif.-based provider of health care services declared a 3-for-2 stock split to be effected in the form of a 50% dividend. Shares were up $4.14 or 8.9%, to $50.77.
First Marblehead (FMD) rose after the educational loan processing firm announced plans to complete a securitization of $725 million of student loans. The securitization will allow National Collegiate Funding to purchase the loans and raise about $1 billion from the sale of related asset-backed securities. The deal is expected to be completed on Dec. 7. Shares were up $1.22, or 1.8%, to $69.57.
RMK Advantage Income Fund (RMA) shares fell after the investment company declared a reduction in its monthly dividend for the next three months. The Memphis-based company's dividend is down a penny to 14 cents a share due to the increased cost associated with the borrowed money employed by the fund. Shares were down $1.11, or 6.5%, to $16.02.KNBT Bancorp (KNBT) slipped after a Ferris Baker Watts analyst downgraded the lender to neutral from buy. Last Thursday the market had reacted negatively when the Bethlehem, Penn.-based bank announced that two of its branches would be acquired by First Columbia Bank. Monday shares were down 31 cents, or 1.8%, to $17.14. MasterCard (MA) shares continued to advance, soaring $7, or 7.85%, to $96.20. Shares of the credit card firm have been on a roll ever since it announced strong earnings in August. The stock got another lift late last week when Wal-Mart (WM) said its Sam's Club division would accept MasterCard at its warehouse stores.
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