Amid yet another bearish session for the financial sector, Downey Financial (DSL Quote) took a fall after hopping on the third-quarter earnings-warning bandwagon.
Shares of the Newport Beach, Calif., bank sank 7.2% to $55.12 on word it will likely take an operating loss of $23 million, or 84 cents a share, as its credit-loss provision more than doubles to about $144 million (pretax). CEO David Rosenthal cited recent housing-market travails, which he said induced a "significant" rise in single-family loan delinquencies and losses from foreclosures.
Thornburg Mortgage (TMA Quote) slid again on a Keefe Bruyette downgrade to underperform, which comes on the heels of the mortgage lender's own third-quarter bad tidings. The analyst set a $10 price target. Shares of the Santa Fe, N.M., firm were down 32 cents, or 2.6%, to $11.97. ...
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