Last month, Citi reported
massive third-quarter writedowns
, which was followed early this month by news that it expects to take a hit of
$8 billion to $11 billion more
in the current quarter. Shares sank 1.9% to $31.40.
(IMH - Get Report)
continued tumbling a day after the mortgage investor said it will likely post a widened third-quarter loss, vs. last year, and that it will delay release of those results. The Irvine, Calif., company's quarterly filing should post in mid-December. Shares were sliding 25.4% to 50 cents.
Also losing substantial ground was
(ETFC - Get Report)
, which continued backing off from last week's rebound after shares took a precipitous Monday drop on a
and word of
expected further writedowns
. Shares of the online broker closed down 19.3%.
Among few financial gainers was
, another online broker that climbed 6% to $13.26 on a Keefe Bruyette upgrade to market perform from underperform. The analyst said recent bad news has been sufficiently baked into the share price, and that higher market volatility should be good for business.
In another positive analyst call, B. Riley & Co. upped Puerto Rico's
(OFG - Get Report)
to buy from neutral. Shares of the bank hiked up 10% at $12.23.
continued rising a day after activist investor Gerald J. Ford disclosed
buying a 7% stake
in the California-based bank through his
firm. In the associated regulatory filing, Hilltop said it has "identified [Downey] as a potential candidate for an acquisition or strategic transaction."
Downey extended yesterday's surge, adding 94 cents, or 2.8%, to close at $34.52.
More broadly, action was very jittery as broad sector trackers booked early gains, then careened deep into the red, before making a last-minute recovery to pare most of those losses. The
Financial Sector Index and the KBW Bank Index were both down around 0.4%.