Updated from 2:55 p.m. EDT
The financial sector mostly leapt high above the broader market Tuesday, due in no small part to Fremont General's (FMT Quote) spectacular gains.
The Santa Monica, Calif., lender soared 40.7% to $10 on word iStar (SFI Quote) will pay roughly $1.9 billion for Fremont's commercial real-estate-lending business, as well as for a 30% stake in its $6.5 billion commercial-loan portfolio. iStar will also fund up to $4.4 billion in unfunded loan commitments associated with that portfolio. iStar shares gained 3.9% to $47.60.
United Financial Bancorp (UBNK Quote), of West Springfield, Mass., jumped 7.9% to $15.59 after saying its mutual holding company, which owns about 53.8% of United's shares, will convert to the stock form of organization. ...
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