Goldman Sachs: Financial Winners & Losers
NEW YORK (
) --
Goldman Sachs
(GS) - Get Report
was once again among the winners of the financial sector, this time following a report that the bank may settle with U.S. regulators over alleged fraud.
may soon settle its fraud case with the
Securities and Exchange Commission
, according to a
New York Post
report. "It's almost a certainty that there will be a settlement," a source told the newspaper.
|
Another person told the
Post
that Goldman Sachs would rather settle the fraud charges than have regulators release emails, records and other documents.
Goldman Sachs shares were rising by 1.7% to $159.73, bringing its three-day win total to 5%.
Other major U.S. bank stocks were on the rise as well.
Wells Fargo
(WFC) - Get Report
was higher by 2.6% to $33.30,
Morgan Stanley
(MS) - Get Report
rose 2.5% to $31.09,
Bank of America
(BAC) - Get Report
gained 2.4% to $18.20,
Citigroup
(C) - Get Report
was up 2.3% to $4.55, and
JPMorgan Chase
(JPM) - Get Report
climbed 1.6% to $44.15.
Elsewhere,
E*Trade Financial
(ETFC) - Get Report
traded lower after the company said that two affiliates of Citadel Investments, its largest shareholder, are selling a total of 172 million shares of the company's common stock at $1.75 per share. The sale includes an over-allotment option for underwriters to purchase up to an additional 25.8 million shares of common stock.
will not receive any proceeds from the proposed offering. Lately, E*Trade shares were down 5.7% to $1.74.
Synovus
(SNV) - Get Report
shares were also under pressure after the company priced an offering of 255 million common shares at $2.75 per share, which will reap net proceeds of approximately $668.4 million. Synovus also priced 12 million tangible equity units at $25 each, generating net proceeds of approximately $290.1 million.
Following the capital raise announcement, FBR Capital Markets analyst Paul Miller upgraded Synovus to market perform from underperform and upped his price target to $3 from $2.50. Miller said that the capital raise is a "clear positive" for Synovus shares and it places the company "solidly in the survivor category."
Lately, Synovus was up 0.3% to $3.19, having traded as low as $2.95 earlier in the day.
-- Written by Robert Holmes in Boston
.
Follow Robert Holmes on
and become a fan of TheStreet.com on