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Thursday's Financial Winners & Losers

Updated from 1:10 p.m. EDT

Financial stocks were crawling beneath the sunken major indices Thursday thanks to resurfacing credit worries and sliding names like Global Cash Access (GCA).

The Las Vegas-based lender tumbled 19.7% after predicting third-quarter cash earnings of just 12 cents a share -- 6 cents short of Thomson Financial's estimates. Second-quarter cash earnings were in line, but shares were still off $2.99 to $12.21.

Online broker eSpeed (ESPD), based in New York, dropped 2% after announcing that an accounting-policy review will probably delay its quarterly filing and might result in a noncash charge of up to $4 million for 2002 through June 2007. Shares closed down 15 cents to $7.32 despite better-than-expected preliminary earnings.

And insurance giant American International Group (AIG - Get Report) was caught in the downward pull of the broad market even though second-quarter earnings handily topped targets . Shares saw erratic trading, mostly in the red, and closed down 3.3% to $64.30, helping to weigh on the NYSE Financial Sector Index, which plunged some 327 points, or 3.5%, to 8981.83. The KBW Bank Index slid 4%.

H&R Block (HRB - Get Report), meanwhile, lost 3.9% to $19.73 after saying that the sale of its subprime-mortgage-lending unit, Option One Mortgage, might not close until the fiscal third quarter -- on or before Dec. 31 -- due to expanded related restructuring efforts. The tax preparer said that it nevertheless continues to work toward a fiscal second-quarter closing date.
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AFSI $24.80 -0.64%
AIG $55.40 -0.78%
HRB $20.37 -3.00%
NDAQ $61.40 -2.30%
GCA $0.00 0.00%


Chart of I:DJI
DOW 17,716.81 -113.95 -0.64%
S&P 500 2,057.50 -18.31 -0.88%
NASDAQ 4,759.5450 -45.7460 -0.95%

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