Monday's Financial Winners & Losers
Trading in New Century Financial (NEW) was halted Monday so the New York Stock Exchange could review the subprime lender's listing status. This pulled down others in the sector, such as Accredited Home Lenders (LEND), which lost a quarter of its value, falling $3.95 to $11.83 -- well under last week's $16.06 low point.
Countrywide Financial (CFC) lost ground as well, after predicting volatile near-term earnings due to current trends in the subprime sector. The firm said it shaved about 8% off its February subprime loan fundings from last year to $2.6 billion, which comes to roughly 7% of Countrywide's total mortgage loan fundings. Shares were losing $1.42, or 3.9%, to $34.68.
OceanFirst Financial (OCFC), a New Jersey-based savings bank, was also caught in the subprime landslide after announcing that its full-year 2006 earnings report, issued Jan. 18, didn't include a reserve for subprime-loan repurchasing in the event of early payment default. The bank will need to revise its numbers accordingly. Shares were down 90 cents, or 4.4%, to $19.70.InterContinental Exchange (ICE) was higher on word the commodities exchange will launch an electronic-trading platform for the New York Board of Trade in April. Shares were adding $2.26, or 1.7%, to $133.26.
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