Updated from 2:15 p.m. EDT
Financial stocks turned lower Tuesday, as
failed to inspire investors with a big earnings beat after Monday's closing bell.
closed down 11.6% to $115.11 after the company posted a $1.81 billion profit in the first quarter and sold $5 billion in common equity. While the profit exceeded Wall Street's expectations, the capital raise is dilutive to current shareholders. The company plans to use the money to repay the government's $10 billion preferred equity investment.
The NYSE Financial Sector Index closed off 4.6% to 3,322, as major components were mixed in trading.
, which is expected to post a loss of 10 cents a share next week, according to analysts polled by Thomson Reuters, lost 12% to $23.67.
shed 8.9% to $30.70.
, which, like Goldman, blew away estimates with a preannouncement last week, fell 7.1% to $18.27.
Bank of America
, which was in positive territory earlier in the day, stumbled 8.4% to $10.09.
On the flip side,
jumped 5.5% to $4.01. Traders attributed Citi's outlier status among the financials to short covering connected to a popular
, as the stock moved above $4.
This article was written by a staff member of TheStreet.com.