This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Financial Winners & Losers: AIG

Losses on investments also hit Netherlands-based insurance company Aegon (AEG) causing it to report a 58% drop in profits for the second quarter. Investments in the U.S. credit markets and mortgage products were to blame as the stock fell 8.4% to $11.74.

The news of AIG's losses fueled concerns once again for Lehman Brothers' (LEH) investors causing the investment bank to slide 8% to $18.66. Worried shareholders sold off the stock as companies continue to report huge write downs with little positive news in the credit markets to deliver.

American Express (AXP) shares fell nearly 3.1% to $36.80 after Moody's Investor Services placed its long-term ratings on review for a downgrade. Moody's is concerned about the card and travel services company's asset quality and lending exposures -- particularly in areas of the U.S., where home prices have dropped significantly. It also is concerned about the company's growth in card member spending, given the economic weakness in the U.S. The long term ratings of American Express are currently rated at A1 for the holding company and Aa3 for its operating subsidiaries. If the ratings of American Express were to be lowered, they would most likely be lowered by one notch, Moody's said.

Overall the NYSE Financial Sectorindex declined 164 to 6,456.98.

But it wasn't all bad news, there were some winners on Thursday. MF Global (MF) jumped 15% in early trading after its net income came in better-than-expected. Even though the fiscal first quarter earnings dropped 80% from the previous year, the adjusted net income came in ahead of estimates. Lately, the stock was gaining 5.6% to $6.77.

And finally, the big winner for the day was Nationwide Financial Services (NFS)which shot up 10% to $51.08. The insurance and annuity product company agreed to a $2.4 billion buyout by its parent company Nationwide Mutual Insurance. The bid was initially valued at $2.2 billion.

2 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!

Markets

DOW 17,356.87 +288.00 1.69%
S&P 500 2,012.89 +40.15 2.04%
NASDAQ 4,644.3120 +96.4780 2.12%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

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