Financial Winners & Losers: Morgan
Financial stocks managed to end a rocky session for the market Friday with gains, despite selloffs in some of the sector's most beaten-down names.
The KBW Bank index was up 8.5%, and the NYSE Financial Sector index was better by 2.3%. The Amex Securities Broker/Dealer index rose 3%.
(MS) - Get Report
was one of the biggest losers, falling 22% to $9.68 as worries grew about the health of the company. Morgan is due to get a $9 billion infusion from Japan's
Mitsubishi UFJ
(MTU)
, but the investment won't close until next Tuesday.
Though Mitsubishi reiterated its commitment to completing the deal, shareholders weren't sold. Weighing on the stock was word from Moody's that it might downgrade Morgan's credit rating.
The ratings agency also put a negative outlook on the credit rating of
. Goldman's shares fell 12%.
(WB) - Get Report
, however, was one of the day's top winners, surging 43% to $5.15 after
Citigroup
(C) - Get Report
said it would walk away from its acquisition attempt and let
Wells Fargo
(WFC) - Get Report
go through with its merger.
Shares of Citi advanced 9%, while Wells tacked on nearly 4%.
Elsewhere among stocks with gains,
Bank of America
(BAC) - Get Report
rose 6.3%, and
JPMorgan Chase
(JPM) - Get Report
was up 13.5%.
This article was written by a staff member of TheStreet.com.
