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
TheStreet Open House

AIG: Financial Winners & Losers

( Updated with stock price moves.)

NEW YORK ( TheStreet) -- American International Group (AIG) was among the top performers of the financial sector Friday following a report the insurer has resolved a tax issue that may clear the way for a sale of a foreign life-insurance unit.

AIG shares rose nearly 6% after The Wall Street Journal reported that lawyers for the insurer and MetLife (MET) have been told by the Internal Revenue Service that it ruled in their favor on a tax question. The ruling clears a major hurdle in finalizing the $15 billion sale of AIG's American Life Insurance unit to MetLife.

AIG

Meanwhile, AIG said Friday it will sell its remaining 13.8% stake in Transatlantic Holdings (TRH). Transatlantic said it plans to buy up to 2 million shares of its own stock from an AIG subsidiary.

AIG shares were lately up $1.55, or 5.8%, to $28.26. MetLife was climbing 1.2% to $38.55, while Transatlantic Holdings fell 3.7% to $51.75.

Capital One Financial (COF) was also among winning financial stocks Friday even after Goldman Sachs analysts downgraded the stock to neutral from buy, citing near-term worries over consumer credit.

Capital One shares were up 1.7% to $37.47. Among other credit-card issuers, American Express (AXP) rose 2.3% to $39.80, and Discover Financial (DFS) gained 2.7% to $14.14.

Among U.S. bank stocks, JPMorgan Chase (JPM) and Washington Mutual (WAMUQ.PK) were on the rise on a report that talks over a disputed $3.7 billion deposit claimed by both JPMorgan and Washington Mutual.

The Wall Street Journal reports that lawyers for Washington Mutual say the nearly $4 billion represents deposits made by the parent company of the failed thrift and should be used to repay creditors. JPMorgan argues that it owns the disputed $4 billion, which it views as a capital contribution to Washington Mutual's banking operations from its holding company. Both parties will return to bankruptcy court on March 12.

JPMorgan shares were up 1.4% to $42.51, while WaMu shares surged by 21.2% to 40 cents on the Pink Sheets.

Among other major bank stocks trading higher Friday, Goldman Sachs (GS) climbed 2.2% to $167.25, Wells Fargo (WFC) gained 1.7% to $28.90, Bank of America (BAC) advanced 1.7% to $16.68, Citigroup (C) added 1.5% to $3.48, and Morgan Stanley (MS) was up 0.5% to $29.35.

-- Written by Robert Holmes in Boston.

Follow Robert Holmes on Twitter and become a fan of TheStreet.com on Facebook.

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!
DOW 17,172.68 -107.06 -0.62%
S&P 500 1,994.29 -16.11 -0.80%
NASDAQ 4,527.6890 -52.10 -1.14%

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