Financial Winners & Losers: Ambac
Financial stocks were mixed Tuesday as the overall market sold off and traders made their way through another round of earnings from the bank sector.
The KBW Bank index was up 0.2%. However, the Amex Securities Broker/Dealer index was down 2.4%, and the NYSE Financial Sector index was lower by 3.4%.
(USB) - Get Report
was one of the decliners after it fell short of analysts' third-quarter targets. An increased loan-loss provision and losses tied to securities hit its earnings. Shares lost 2%.
(RF) - Get Report
had a different result, climbing more than 5% after the bank said the federal government approved its plan to seek an equity investment.
Meanwhile,
(ABK)
said David Wallis would become the bond insurer's president and CEO. Wallace replaces Michael Callen, who was named interim president and CEO in January. Shares of Ambac were down 12%.
Among large-cap banks,
Citigroup
(C) - Get Report
and
Bank of America
(BAC) - Get Report
declined, while
Wells Fargo
(WFC) - Get Report
advanced.
Goldman Sachs
(GS) - Get Report
and
Morgan Stanley
(MS) - Get Report
were little changed.
This article was written by a staff member of TheStreet.com.
