NEW YORK (
Bank of America
was the winner Monday among the largest financial names, with shares rising 8% to close at $7.76.
The nation's largest bank announced that it was exiting its international credit card operations, with a deal to
TD Bank Group
The broad indexes all showed 2% gains, as a
-- for $40 a share, for a whopping 60% premium over Friday's market close - dominated the headlines.
Scott Moritz discussed how the acquisition would boost Google with
and put the company in position to compete toe-to-toe in the smartphone and tablet space with
. Meanwhile, Jim Cramer interpreted the deal as
Moving back to the financials, the
KBW Bank Index
rose over 4% to close at 39.30, with all 24 index up for the session.
Large regional banks seeing shares rise 6% included
Fifth Third Bancorp
, which closed at $10.15;
, closing at $6.81;
, at $4.55; and
, at $19.39.
Large U.S. players seeing 5% gains included
, closing at $31.27;
, at $10.84;
New York Community Bancorp
( NYB), at $13.04, and
, closing at $17.36.
Bank of New York Mellon
was up 4.5% to close at $20.89.
Large banking names seeing 4% share price increases included
, closing at $45.40 after being
, closing at $5.17;
, at $22.73; and
, which closed at $25.02, after signing a deal with Citadel Securities LLC, under which Wells Fargo Securities hired a team of 25 investment managers from Citadel.
Bank of America Gets U.K. Hedge Fund Stake >
Written by Philip van Doorn in Jupiter, Fla.
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Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for TheStreet.com Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.