Updated from 1:16 EDT
Financial stocks gasped for air Friday before seesawing back into the red, notwithstanding an influx of positive earnings and analyst research as well as a skyrocketing Union State Bank (UBH Quote).
Shares of the Orangeburg, N.Y., bank surged 57.3% to $24.05 after KeyCorp (KEY Quote) agreed to buy it for around $575 million. The cash-and-stock deal will probably close within the next six months. KeyCorp, which expects earnings accretion from the merger in 2009, dipped 22 cents to $34.99.
Cash America International (CSH Quote), a Texas-based pawnshop operator, jumped 5.7% to $36.54 after saying second-quarter earnings spiked 19.4% to 43 cents a share, or $13.2 million, from a year ago. First State Bancorp (FSNM Quote), of Albuquerque, N.M., pocketed 35 cents a cents a share in that quarter to top Thomson Financial's estimates by a penny, and United Commercial Bank's (UCBH Quote) per-share profit was in line. ...
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