Wednesday's Financial Winners & Losers
Thornburg Mortgage (TMA) led the financial sector's shaky recovery Wednesday after the lately battered lender calmed investors' nerves via a TV interview.
President and chief operating officer Larry Goldstone said on
CNBC Tuesday night that Thornburg
Luminent Mortgage (LUM) seesawed back into the green by 18.6%, though the beleaguered mortgage investor was still trading at just 51 cents, and Impac Mortgage (IMH) shot up more than 14% after suspending funding on Alt-A loans -- those with borrowers who don't have prime credit. The Irvine, Calif., firm also swung to a wider-than-expected loss, but shares traded up 17 cents at $1.37.
Elsewhere, Lone Star extended its takeout bid for Accredited Home Lenders (LEND) by a couple of weeks to Aug. 28, as required under their merger agreement, and said it received preliminary tenders representing about 43% of the company's shares. Lone Star reiterated, however, Accredited's "failure to satisfy" all conditions for closing of the merger. Shares of the San Diego-based subprime lender surged 14.6% to $6.30.In brokerage action, Virginia-based insurer Genworth Financial (GNW) climbed 3.9% after Goldman Sachs reiterated its buy rating on the stock, saying shares have fallen too far amid fears regarding its mortgage-market exposure. Washington Federal (WFSL), a Seattle-based bank, rose 3.2% to $24.50 on a Friedman Billings upgrade to outperform.
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