This Day On The Street
Continue to site right-arrow
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
TheStreet Open House

Tuesday's Financial Winners & Losers

Updated from 11:30 a.m. EDT

As has been the case for several weeks and likely will be for many more, the story in the financial sector continued to be the uncertainty surrounding mortgage banking and access to credit.

The Nasdaq Financial 100 was up 1.1%, and the NYSE Financial Sector Index was up 0.3%. The S&P 500 Financial Sector Index was up 0.5%.

Among individual stocks, Capital One (COF) was gaining 2.6% to $68.47 a day after the McLean, Va., lender cut its outlook and revealed plans to close its mortgage division.

While shutting GreenPoint Mortgage, Capital One will eliminate 1,900 jobs and take a charge of $860 million. The company now expects to earn $5 a share this year, down from the previous forecast of $7.15. Still, the move away from mortgages cheered investors, who have grown distrustful of the sector.

Elsewhere, mortgage-banking firm Accredited Home Lenders (LEND) rose 1.7% to $6.55 after its announcement that it will trade around $1 billion of loans through a 90-day purchase agreement.

The transaction will reduce the San Diego-based company's exposure to margin calls on the loans, Accredited said.

Also on the rise was Countrywide (CFC), the Calabasas, Calif., mortgage provider. The company's stock, which has been yanked back and forth in recent sessions, closed up 10% to $21.79.

The reason for the upward move was a report in The Wall Street Journal, which said some investors believe Warren Buffett's Berkshire Hathaway (BRK.A) might be interested in acquiring some parts of Countrywide if it looked to sell.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,805.41 +127.51 0.76%
S&P 500 1,964.58 +13.76 0.71%
NASDAQ 4,483.7150 +30.9230 0.69%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs