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Wednesday's Financial Winners & Losers

Updated from 2:02 p.m. EDT

The sliding major indices and negative analyst research kicked financial stocks lower Wednesday as the market reeled from a 12.2% drop in the July pending-home sales index to 89.9, per the National Association of Realtors.

The NYSE Financial Sector Index pulled down 172.76 points, or 1.9%, to around 8,942.84, pressured by the housing data and a number of suffering mortgage concerns. Lender IndyMac Bancorp (IMB) fell 9.8%. Mortgage investors Impac Mortgage (IMH) and Luminent Mortgage Capital (LUM) fell 11.8% and 16.7%, respectively. Subprime lender NovaStar Financial (NFI) fell 13%.

Also pressuring the NYSE index were Lehman Brothers (LEH) and Morgan Stanley (MS - Get Report), which lost 3.7% and 2.1%, respectively, after both had their third-quarter earnings estimates cut at Citigroup.

The analyst cited an expected decline in fixed-income-trading results and chopped down Lehman's per-share estimate by 55 cents to $1.40 a share. Morgan's estimate was lowered by 15 cents to $1.60.

Credit Suisse (CS - Get Report), meanwhile, was downgraded to equal-weight from overweight at Lehman, after which shares traded down 1.7% to close at $66.22. Brookline Bancorp (BRKL - Get Report), based in Massachusetts, slumped 3% on a Friedman Billings cut to market perform from outperform. Shares closed off 38 cents at $12.13.

The KBW Bank Index sank 1.9% to 104.79.

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SYM TRADE IT LAST %CHG
BRKL $10.57 -0.56%
CME $90.91 0.10%
CS $26.08 0.46%
MTG $10.43 -0.76%
MS $37.45 -1.21%

Markets

DOW 17,928.20 -142.20 -0.79%
S&P 500 2,089.46 -25.03 -1.18%
NASDAQ 4,939.3270 -77.6020 -1.55%

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