This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Friday's Financial Winners & Losers

Another wave of earnings reports carried financial stocks higher Friday, and among these was Chicago's Aon (AOC).

The insurer said first-quarter earnings vaulted 37% year over year to 70 cents a share on 10% higher revenue at $2.38 billion, vs. Wall Street estimates of 66 cents a share on revenue of $2.26 billion, according to Thomson Financial. Shares were adding 5.2% to $42.08.

The news helped lift the NYSE Financial Sector Index by 34.1 points, or 0.4%, to 9,883.06. The KBW Bank Index, meanwhile, added 0.2% to 117.40.

KKR Financial (KFN) reported first-quarter earnings that surged 22 cents from last year to 60 cents a share -- 13 cents better than expected. The San Francisco-based specialty-finance company gained 1% to $27.27.

Connecticut-based Odyssey Re (ORH) was also well ahead for the first quarter, as was fellow insurer Nationwide Financial Services (NFS) of Columbus, Ohio. The former climbed 1.6% to $27.44; the latter tacked on 63 cents, or 1.1%, to $59.59.

Away from earnings news, NovaStar Financial (NFI) was still higher by 7% after Thursday's late-trading jump on news the struggling subprime-mortgage lender secured $1.9 billion in financing from Wachovia.

Among the few financial losers Friday, California's Greater Bay Bancorp (GBBK) sank 5.3% to $27.98 in very heavy trading amid news of a takeover and a disappointing first-quarter report. Wells Fargo (WFC) has inked a deal to acquire Greater Bay in a $1.5 billion stock-for-stock merger that's expected to close in the fourth quarter. Meanwhile, Greater Bay reported that profits slid 32.6% from last year to 31 cents a share, or $17.8 million. Analysts were seeking 39 cents a share. Shares of Wells Fargo were trading up 6 cents, or 0.2%, at $35.90.

And Boston-based lender NewStar Financial (NEWS - Get Report), for which Wall Street had predicted first-quarter profits of 15 cents a share, made only a penny a share (adjusted) -- down 11 cents from last year. Shares tumbled $1.69, or 10.4%, to $14.52.

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,191.37 -195.84 -1.13%
S&P 500 2,002.16 -27.39 -1.35%
NASDAQ 4,637.9940 -43.5030 -0.93%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs