Wednesday's Financial Winners & Losers
InterContinental Exchange (ICE) surged after the electronic futures exchange reported a 120% rise in trading volume for 2006. An analyst with JPMorgan Chase, meanwhile, started coverage of the exchange with an overweight rating. Shares were up $8.34, or 7.7%, to $116.24.
Marsh & McLennan (MMC) jumped after a Citigroup analyst upgraded the insurance broker to buy from a hold. The analyst predicts a share-repurchase plan in 2007. Shares were adding 87 cents, or 2.8%, to $31.53.
MetLife (MET) rose on word late Friday that the insurer will settle a regulatory investigation into its business practices by paying a penalty of $19 million. It also promised to stop paying "contingent commissions" to insurance brokers for various insurance products, which critics have said are essentially kickbacks. Shares were up $1.17, or 2%, to $60.18.
Doral Financial (DRL) fell after John Ward resigned as the bank's chairman, following a dispute over the direction of the Puerto Rican-based lender. Shares were losing 13 cents, or 4.5%, to $2.74.NetBank (NTBK) was down after the Georgia-based online bank privately sold 6.5 million of its shares for $3.90 each, a discount to its $4.64 closing price Friday. The sale is expected to generate proceeds of $23.7 million. Shares were off 33 cents, or 7.1%, to $4.31.
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