Tuesday's Financial Winners & Losers
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.
Impac Mortgage (IMH) 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 E*Trade (ETFC), which continued backing off from last week's rebound after shares took a precipitous Monday drop on a downgrade and word of expected further writedowns. Shares of the online broker closed down 19.3%.
Among few financial gainers was Knight Capital (NITE), 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 Oriental Financial (OFG) to buy from neutral. Shares of the bank hiked up 10% at $12.23. And Downey Financial (DSL) continued rising a day after activist investor Gerald J. Ford disclosed buying a 7% stake in the California-based bank through his Hilltop Holdings (HTH) 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 NYSE Financial Sector Index and the KBW Bank Index were both down around 0.4%.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV