JPMorgan, BankAtlantic: Financial Winners & Losers
NEW YORK (
) -- Financial stocks firmly led into the black on Tuesday, fueled by M&A.
The
Financial Select Sector SPDR
(XLF) - Get Report
rose 1.6% to $15.79.
Large-cap firms including
American Express
(AXP) - Get Report
,
AIG
(AIG) - Get Report
,
Capital One Financial
(COF) - Get Report
and
JPMorgan Chase
(JPM) - Get Report
were among financial stocks outperforming on Tuesday.
TD Bank
(TD) - Get Report
agreed to acquire Chrysler Financial from Cerberus Capital Management for $6.3 billion. The
bank is looking opportunistically for further deals in the U.S.
However, it was regional bank stocks that stood out. The
Keefe Bruyette & Woods Regional Bank Index
(KRE) - Get Report
was up 2.6% at last check, to $25.94.
Winners in the sector included
Boston Private Holdings
( BPRH),
Associated Ban-corp
(ASBC)
,
Astoria Financial
(AF)
,
Cardinal Financial
(CFNL)
and
East West Bancorp
(EWBC) - Get Report
.
Webster Financial
(WBS) - Get Report
shares were rising 1.4% to $18.74 after the Northeast regional bank priced a common stock offering of 6.63 million shares at $18 a pop. The proceeds will be used to repurchase preferred shares held by the U.S. Treasury Department under the Troubled Asset Relief Program.
Webster follows in the footsteps of other regional banks in recent days looking to get out from the government's grasp including
Huntington Bancshares (HBAN) - Get Report
and
First Horizon
(FHN) - Get Report
.
Financial losers of the day included
down 1.7% to $219.83 and
BankAtlantic Bancorp (BBX) - Get Report
, down 12% to $1.07.
-- Written by Laurie Kulikowski in New York.
To contact the writer of this article, click here:
Laurie Kulikowski
.
To submit a news tip, send an email to:
.
Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.