Monday's Financial Winners & Losers
Nasdaq Stock Market (NDAQ) slid nearly 8% after the deadline passed for its final $5.2 billion offer to buy the London Stock Exchange outright. Shares were losing $2.88 to $34.32.
Asta Funding (ASFI) was surging more than 9% after the asset-management firm said it will purchase a $6.9 billion portfolio, composed mainly of credit card accounts, for $300 million from Great Seneca Financial. The Englewood Cliffs, N.J., company also said its fiscal first-quarter profits climbed 21.6% to $11.3 million, or 77 cents a share, on revenue that rose 26.6% to $25.6 million. Shares were up $2.88 to $33.21.
Municipal Mortgage & Equity (MMA) recouped most of last week's heavy losses after the Baltimore-based company said it doesn't deal in "subprime or any other single-family mortgage lending activity." Last week a number of subprime mortgage lenders suffered after discouraging bad-debt trends came to light. Shares were rising $2.60, or 9.8%, to $29.21.
Arthur J. Gallagher (AJG) slipped after an analyst with Lehmen Brothers downgraded the insurance brokerage firm to underweight from equal-weight. Shares were down 69 cents, or 2.4%, to $28.63.Calamos Asset Management (CLMS) declined after the Illinois-based firm said its assets under management fell to $44.5 billion in January from $47 billion a year ago. Shares were off 91 cents, or 3.3%, to $26.50.
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