Updated from 2:45 p.m. EDT with new stock prices
Financial stocks pressed lower Thursday as a surprise September rise in new-home sales, per the Census Bureau, was countered by a congressional report that forecasted some 2 million subprime mortgage foreclosures by the end of 2008.
Among individual names,
(TGIC) plummeted 26.61% to $6.04 after "rapid deterioration of the housing markets" helped pressure a loss of $31.8 million, or $2.13 a share, to reverse a year-ago profit.
Fellow mortgage insurers
(RDN - Get Report) and
(MTG) were each off sharply as well, as MGIC slashed its dividend by 90% to 0.025 a share. Radian tumbled 23.62% to $9.99; MGIC sank 9.32% to $17.90.
outright suspended its 15-cent quarterly dividend, kicking shares down 18.81% to $6.26.
(WCG - Get Report)
, a health insurer and managed-care provider, dove 62.95% to $42.67 following a
government raid of its offices
was battered by downgrades from UBS, Wachovia and Bernstein on the heels of yesterday's release of
. Goldman Sachs also slashed 2007 earnings estimates by around 79%. Merrill shares shed $2.32, or 3.67%, to $60.90.
slid 6.37% on a UBS cut to neutral from buy, and JP Morgan lowered
(MCO - Get Report)
to underweight following yesterday's disappointing earnings report. Shares of the credit-ratings firm traded down 5.66% to $43.33.
(MBI - Get Report)
swung to a net third-quarter loss and posted slipping operating income of $1.52 a share, which missed the average analyst estimate by 7 cents. Shares of the Armonk, N.Y., company tumbled 14.86% to $46.99.
beat third-quarter earnings projections, per Thomson Financial, but retreated 3.89% following yesterday's big run-up.
lost 3.83% to $63.28 after the asset manager posted an in-line adjusted profit for the quarter.