Monday's Financial Winners & Losers
SCA shares were down 7 cents to $3.89. XL Capital ticked up 29 cents at $50.31.
And Centerline (CHC) shares continued to plunge following Friday's news that it will slash its dividend and take a hit of between $45 million and $55 million from securitizing its $2.8 billion affordable-housing-bond portfolio with Freddie Mac (FRE). The asset manager also cut its 2007 forecast for cash available for distribution by at least 14 cents to between $1.70 and $1.75 a share. Centerline shares fell another 1% to $7.62 a share in heavy volume.
Among the financial winners, however, was Legg Mason (LM). After the close on Friday, the asset manager said it has cut its exposure to structured investment vehicles, or SIVs, to 3.2% of its total liquid assets. That should result in a charge of $22.2 million, or 15 cents a share. Still, Legg Mason shares were up $1.92 to $73.15.
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