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
Tuesday night that Thornburg
"will survive this disruption"
and that it has "no intention" of filing for bankruptcy. He also said the company isn't for sale despite the company's recent precipitous share-price drop. Shares of the Santa Fe, N.M., firm rocketed 42.2%, or $3.21, to $10.82.
seesawed back into the green by 18.6%, though the beleaguered mortgage investor was still trading at just 51 cents, and
(IMH - Get Report)
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
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
(GNW - Get Report)
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.
, a Seattle-based bank, rose 3.2% to $24.50 on a Friedman Billings upgrade to outperform.