Updated from 2:11 p.m. EDT
Friday's depressed market yanked the financial sector lower even as a few names jumped on positive earnings.
One of the hottest financial stocks was
Oak Hill Financial
( OAKF), a small Ohio bank that agreed to sell itself to
for about $201 million, or $38 a share, mostly in stock. The deal will likely close late in the fourth quarter. Oak Hill shares rocketed more than 41.9% to $33.05.
WesBanco, which doesn't expect earnings accretion from the merger until 2009, was off 8% at $26.72.
with second-quarter earnings of $750.4 million, or $1.89 a share, vs. $1.78 a share last year. Analysts polled by Thomson Financial were looking for $1.62. Shares of the Virginia-based credit-card company climbed $2.15, or 2.9%, to $77.66.
Capital One lent some support to the
Financial Sector Index and the KBW Bank Index, but not nearly enough to fight against Friday's strong downward trend. The indices slid 1.6% and 1.5%, respectively.
bounced 7.2% to $16.14 after pocketing 43 cents a share in the second quarter-- 2 cents more than last year and 7 cents higher than the mean Street target. Banking giant
initially traded higher after posting
continuing-operations income that bested estimates, but its shares retreated 0.8% to $50.73.
was also slipping Friday despite beating second-quarter Wall Street expectations by a penny, excluding special items. Its credit-loss provision about tripled from last year to $179 million, though it ticked up only marginally from last quarter. The stock was 3.2% lower at $49.98.
Elsewhere, asset manager
dropped 2.9% on a downgrade to hold from buy at A.G. Edwards, and
First Commonwealth Financial's
second-quarter income was down a penny a share from last year to 16 cents. That came in a penny past expectations, but shares of the Pennsylvania bank still sank 3.2% to $10.18.