The financial sector shot out of the gate Friday morning, breaking from the more wobbly broader market amidst varied buyout-related news.
surged 11.2% to $45.32 after
The New York Times
reported the student lender is in talks to be
for possibly more than $20 billion.
climbed as well, after agreeing to buy privately held Fiduciary Asset Management for $66 million in a deal that should close in the third quarter. Shares were lately rising $1.87, or 2.9%, to $65.46.
Financial Sector Index, of which both Sallie Mae and Piper Jaffray are components, recently lifted by 26.12 points to 9546.17. The KBW Bank Index was tacking on 60 points, or 0.5%, to 112.93.
Nasdaq Stock Market
, meanwhile, rode high on word it hadn't, in fact, offered to buy Swedish exchange
for $3.33 billion. Reports had emerged Thursday to that effect. Nasdaq shares were climbing $1.79, or 6.1%, to $31.38.
As for analyst calls, Friedman Billings upped
to outperform from market perform due to the bank's efforts to recover from its late slump, kicking up shares by 60 cents, or 6%, to $10.85. Savings bank
gained 5.6% to $13.51 on an upgrade to outperform by Piper Jaffray.
was higher after accounting firm Ernst & Young agreed to settle with PNC investors for roughly $9.1 million regarding claims it had helped the bank cover up bad loans and investments in 2001. Shares were adding $1.65, or 2.3%, to $72.75.
was one of few financial-sector losers today, sliding 5.5% to $16.88 after predicting a first-quarter loss from operations partly blamed on the effects of the larger mortgage market. Shares of
were down slightly to $228.34 after the Canada-based insurer filed a shelf registration for the sale of up to $750 million in shares, warrants and debt.
Other names that moved to the downside today include
, sinking 3.2% to $23.50;
, losing 1.8% to $5.63; and
, lately shedding 1.4% to $21.65.