Friday's Financial Winners & Losers
Financial stocks took another downturn Friday to cap off a mostly bearish week for the sector, which saw a harrowing influx of poor financials.
Among the culprits today was Wachovia (WB), which fell 2% after joining the parade of financial services firms whose earnings were rotted out by credit market disruptions. Its third-quarter profit slid 24.4% year over year to 90 cents a share, or $1.71 billion (excluding one-time items) amid a credit-loss provision of $408 million that more than doubled from last quarter.
Revenue rose 4.3% from last year to $7.35 billion. Analysts polled by Thomson Financial were looking for income of $1.03 a share on revenue of $8.02 billion. Shares of the Charlotte, N.C., bank were recently down 98 cents to $47.16.
(C), which reported an
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