M&T Bank: Financial Winners & Losers

Even though stocks were slightly up, financial stocks were trading down on Wednesday.
By Maria Woehr ,

NEW YORK (

TheStreet

) -- 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

raised his estimates

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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Maria Woehr

.

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