This Day On The Street
Continue to site
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

Tuesday's Financial Winners & Losers

Updated from 1:53 p.m. EDT

Financial stocks were climbing higher than most ahead of this Tuesday's highly anticipated rate-cut decision from the Federal Reserve, and individual names like Lehman Brothers (LEH) also helped to lighten the mood.

The broker's shares gained 10% to $64.49 on third-quarter earnings that were better than expected , if slightly lower than last year -- $870 million, or $1.54 a share, vs. Thomson Financial's $1.47 average per-share estimate. Chief Financial Officer Chris O'Meara also delivered some soothing comments this morning, intoning that the "worst of credit correction is behind us."

Lehman helped give legs to the NYSE Financial Sector Index, which jumped 348.8 points, or 3.9%, to around 9226.

Capital One (COF - Get Report) bolstered the index, as well, after announcing it intends on paying out some 25% of its 2008 income in fixed quarterly dividends. Shares spiked 6.9% to $69.73 as the KBW Bank Index, of which the credit-card company is also a member, gained 4.6% to about 110.5.

Fellow credit-card concern American Express (AXP - Get Report) added 4.5% to $60.80 after Standard Chartered agreed to buy its international banking unit for about $1.1 billion. The exact value of the transaction, which should close in the first quarter, is the net asset value of the unit's businesses at the closing date plus $300 million.

Among few financial losers today was online broker E*Trade (ETFC - Get Report), which said it will exit or restructure "non-core businesses that lack a direct and strategic connection with its retail customers," including a departure from wholesale mortgage. E*Trade deflated its 2007 guidance to between $1.05 and $1.15 a share (on a GAAP basis), citing the restructuring and an increased loan-loss provision. The prior range had been $1.53 to $1.67 a share.

Shares sank 21 cents, or 1.5%, to $14.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
AXP $81.25 0.61%
COF $85.02 -0.11%
ETFC $29.50 -1.12%
IMH $18.28 -6.73%
AAPL $132.54 0.88%

Markets

DOW 18,232.02 -53.72 -0.29%
S&P 500 2,126.06 -4.76 -0.22%
NASDAQ 5,089.3620 -1.4320 -0.03%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs