Tuesday's Financial Winners & Losers
Updated from 2:15 p.m. EDT
The financial sector swung even lower than the sliding broader market on Tuesday as a few big names brought disappointing financials to bear.
Lazard (LAZ), for instance, gave up 1% to $53.35 in heavy trading after first-quarter income sank 7.8% year over year to 47 cents a share. Analysts polled by Thomson Financial were looking for the Bermuda-based financial advisement and asset management firm to deliver 62 cents a share.
Marsh & McLennan (MMC), a New York-based insurance broker, also lost ground on a wide income miss. First-quarter continuing-operations profits came to $228 million, or 41 cents a share -- 9 cents a share under Street expectations. Shares shed 2.5% to $31.13.Meanwhile, Germany's Deutsche Bank (DB) and Louisiana-based insurer Amerisafe (AMSF) each sank despite posting climbing first-quarter profits. Shares of the companies respectively lost 1.1% and 10%. Joining them in the dirges today were the majority of financial stocks, among them IntercontinentalExchange (ICE), down 1.8% to $134.70; Swiss bank UBS (UBS), off 1.9% to $62.70; and online broker E*Trade (ETFC), recently sinking 2.1% to $21.95. The NYSE Financial Sector Index, which tracks all but one of the aforementioned stocks, surrendered38.53 points, or 0.4%, to 9869.17. The KBW Bank Index was was down 0.3% to 117.40.
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