Monday's Financial Winners & Losers
Updated from 1:31 p.m. EDT
Blackstone closed up 1.7% to $25.71 after the newly public asset manager said its second-quarter income more than tripled to $774.4 million on sharply higher revenue. CIT, a New York-based lender, jumped on a CIBC World Markets upgrade to sector outperform. The analyst said, among other things, that most of the company's risks are already baked into its share price.
CIT shares were up $1.82, or 5.4%, to $35.86 in support of the NYSE Financial Sector Index, which added 0.6% to 8880.46. The KBW Bank Index closed down 1.1%.Fortress Investment Group (FIG) ran up 7.7% ahead of tomorrow's earnings report. Knight Capital (NITE) traded up earlier in the day but closed down 2.1% after the New Jersey broker said Goldman Sachs (GS) agreed to buy a minority stake in its indirectly held subsidiary Direct Edge ECN. Financial terms weren't disclosed. The purchase, along with a planned ownership increase by Citadel Derivatives Group, will cut Knight's holdings in the trading platform to less than 50%. NovaStar Financial (NFI), meanwhile, added 8.7% after CEO Scott Hartman said he expects that the subprime-mortgage lender will "continue in the normal course of business" despite its ongoing struggles, including a big second-quarter loss that it just reported last week. Shares closed at $6.77.
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