surged on news that the Connecticut lender is getting a higher-than-expected appraisal for its conversion to a fully public company. The bank plans to sell between 127.5 and 172.5 million shares, priced at $20 a share. The offering is based on an independent appraisal of the company, which put People's market value at between $4.46 billion and $6.02 billion. Shares were trading up $3.43, or 8.4%, to $44.14
Annaly Capital Management
gained after the New York-based real estate investment trust was upgraded by JPMorgan Chase to overweight from neutral. Shares were trading up 15 cents, or 1.1%, to $13.32.
New Century Financial
fell after the mortgage lender to people with poor credit histories reported a sharp decline in third-quarter profit. In the quarter, the California-based lender earned $63.5 million, or $1.12 a share, down from $117.5 million, or $2.04 a share, a year ago. Analysts polled by Thomson Financial were looking for earnings of $1.89 a share. Shares were trading down $1.49, or 3.9%, to $36.51.
gained after the Boca Raton, Fla.-based company reported a 19.6% gain in third-quarter earnings. The company posted income of $21.9 million, or 71 cents a share, up from $18.3 million, or 59 cents a share, a year ago. Sales rose 3.5% to $172.5 million. Wall Street was looking for earnings of 49 cents a share. Shares were climbing 60 cents, or 4.9%, to $12.81.
( FFH) slumped after the Canadian insurer posted a wider third-quarter loss. The company posted a net loss of $359.2 million, or $20.41 a share, compared with a restated loss of $208.6 million, or $13.19 a share, in the year-earlier period. The most recent quarter net loss included a $412.6 million noncash charge related to a settlement with Swiss Re. Underwriting profit at the company's insurance and reinsurance operations was $16.6 million. Net premiums written grew by 2.6% to $1.24 billion. Shares fell $5.05, or 3%, to $152.11.