M&T Bank: Financial Winners & Losers
NEW YORK (
) -- Financial stocks were trading down on Wednesday despite a broader market rally.
The
Financial Select Sector SPDR
(XLF) - Get Report
was down 2 cents to $15.99.
The big winner Wednesday was
M&T Bank
(MTB) - Get Report
, which was trading up $1.07, at $87.85, on news that a
Citigroup
(C) - Get Report
, analyst
on the bank as a result of its impending deal with
Wilmington Trust
( WL).
The biggest loser of the day is
American International Group
(AIG) - Get Report
, which is trading down $1.62 to $57.31. It was reported that the insurer paid out $145 million in a multi-state workers compensation probe settlement and also failed to report $18.7 billion of policyholder guarantees at two property-casualty subsidiaries in 2008.
AIG saw gains earlier this week after announcing 36 banks had lined up to offer it a $4.3 credit line.
Losers also include
Goldman Sachs
(GS) - Get Report
and
Morgan Stanley
(MS) - Get Report
, which had their estimates cut by
Calyon Securities
analyst Mike Mayo. Mayo lowered the banks' fourth quarter estimates on prospects for weaker fixed-income, currency and commodity revenue. Goldman's stock was trading down $1.57 at $167.73. Morgan Stanley was down 29 cents at $27.37.
--Written by Maria Woehr in New York.
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