This Day On The Street
Continue to site right-arrow
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
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

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.

Citigroup (C), which reported an even worse earnings tumble earlier this week, lately lost another 1.1% to $43.34. The radiant pain was even sharper for Bank of America (BAC) and Washington Mutual (WM), each of which reported their own weak profits just yesterday. Shares were off 1.8% and 5.5%, respectively.

All of the above stocks helped to pressure both the NYSE Financial Sector Index, down 1.7%, and the KBW Bank Index, down 1.3%, along with a sinking Capital One (COF - Get Report).

The McLean, Va., credit card issuer, burdened by the high costs of shutting down its GreenPoint Mortgage business, swung to a third-quarter loss of $81.6 million, or 21 cents a share. The $883 million charges were slightly higher than expected due to the dwindling value of the business. On average, analysts were looking for a loss of 30 cents a share; last year, Capital One had a profit of $1.89 a share.

1 of 3

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
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

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
Try it NOW
Try it NOW
Try it NOW
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!
NYX $0.00 0.00%
COF $78.71 0.00%
JNS $16.48 0.00%
PFBC $26.95 0.00%
WB $13.34 0.00%


DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

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