Tuesday's Financial Winners & Losers
04/24/07 - 04:29 PM EDT
Sarina Penn
Updated from 1:39 p.m. EDT
Financial stocks underperformed the broader market again Tuesday under an avalanche of mixed earnings. Everest Re (RE Quote - Cramer on RE - Stock Picks) delivered one of the day's better showings; the insurer jumped 6.8% to $103.30 after posting a first-quarter profit of $267.9 million, or $4.13 a share, which flew past Wall Street's $3.07 estimate, according to Thomson Financial. Sterling Bancshares (SBIB Quote - Cramer on SBIB - Stock Picks) gained 7.6% to $11.63 after saying first-quarter per-share earnings climbed 2 cents from last year to 17 cents. New Jersey-based insurer Chubb (CB Quote - Cramer on CB - Stock Picks) handily topped estimates as well. Operating income was 7.7% higher at $1.53 a share, 15 cents better than the Street's consensus. Share rose 95 cents, or 1.8%, to $54.71. Among other financial names lifted by positive first-quarter earnings were insurer PartnerRe (PRE Quote - Cramer on PRE - Stock Picks), which added 5.1% to $73.15; Reinsurance Group of America (RGA Quote - Cramer on RGA - Stock Picks), up 4.8% at $62.60; and Ohio-based bank FirstMerit (FMER Quote - Cramer on FMER - Stock Picks), which rose 4.9% to $21.29. On the flip side, online broker TradeStation (TRAD Quote - Cramer on TRAD - Stock Picks) was one of the sector's worst percentage losers, sliding 8.7% after saying it will probably earn 17 cents to 18 cents a share in the second quarter vs. analysts' 20-cent per-share expectations. Shares lost $1.17 to $12.28. Commodities exchange Chicago Mercantile Exchange (CME Quote - Cramer on CME - Stock Picks), sank on 2.9% to $531.30 on lower-than-expected revenue, despite topping income estimates, and both LaBranche (LAB Quote - Cramer on LAB - Stock Picks) and Sallie Mae (SLM Quote - Cramer on SLM - Stock Picks) missed bottom-line targets. LaBranche, a specialist firm, was off 7.3% to $8.30; student lender Sallie Mae slipped 61 cents to $53.74.
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