This Day On The Street
Continue to site
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

Wednesday's Financial Winners & Losers

Updated from 1:22 p.m. EDT

Most financial stocks were locked in with the larger market's movements on Wednesday, climbing moderately higher before easing back to the flat-line before midday. Among the standout winners, however, was Citigroup (C - Get Report).

The New York-based banking behemoth saw an explosion in trading volume after ESL Investments -- a hedge fund run by Sears Holding chairman Eddie Lampert -- disclosed that it now holds a 15.2-million-share stake in Citi. Shares jumped $2.12, or 4%, to $54.91.

The surge helped hoist the KBW Bank Index -- of which Citi is the second most heavily weighted component -- high above the larger market. The tracker added 1.3% to 117.87 as its heaviest component, JPMorgan Chase (JPM - Get Report), also rose 1.8% to $52.98. The much larger NYSE Financial Sector Index, of which Citi and JPMorgan are also members, was up 0.5% to 9,877.58.

Leading the sector's percentage gainers, meanwhile, was International Assets Holding (IAAC), after the Altamonte Springs, Fla., asset manager turned in its fiscal second-quarter results.

The firm said revenue soared 52.5% year over year to $13 million, while adjusted earnings before interest, taxes, depreciation and amortization vaulted 37.9% to $4.5 million. Net per-share income plunged by 38.5% to 8 cents, but shares still surged 16.1% to $24.

Among other climbing financial stocks today, San Francisco bank Wells Fargo (WFC) gained 2.3% to $36.22 while mortgage lenders Fannie Mae (FNM) and Countrywide Financial (CFC) respectively ticked up 2.2% and 2.1%.

On the losing side, however, Bear Stearns (BSC) gave up 0.6% to $149.58 after Wachovia lowered the New York broker to market perform from outperform.

New Jersey-based asset manager Asta Funding (ASFI - Get Report) shed 4.5% to $38.99 after its first-quarter profit of 85 cents a share, while higher than a year ago, was nonetheless 3 cents short of Thomson Financial's consensus.

ING Group (ING - Get Report) said first-quarter earnings declined to $1.19 a share (0.88 euros) from $1.26 last year, though the Dutch-based bank said profits were flat excluding currency effects. Shares lost 1.1% to $44.61.

Also sliding today were ProCentury (PROS), an insurer, down 9.6% to $16.70; asset manager AllianceBernstein (AB), off 1.4% to $86.73; and savings bank Sovereign Bancorp (SOV), slipping 0.9% to $23.66.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr 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

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG
ASFI $8.40 0.48%
C $54.17 0.76%
ING $15.58 0.39%
JPM $64.72 1.74%
AAPL $128.70 -0.19%

Markets

DOW 18,070.40 +46.34 0.26%
S&P 500 2,114.49 +6.20 0.29%
NASDAQ 5,016.9290 +11.5380 0.23%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs