(Updated to include change in share prices at market close; and comeback of BofA.)
NEW YORK (
) -- Thursday's market rout was unkind to the big-name financials, and the story was much the same on Friday.
Bank of America
was the only major financial stock to eek out a gain at the close, though calling a rise of 0.06% a gain shows just how bad things went for financials today.
John Paulson of
Paulson & Co.
predicted that Bank of America's value would double in two years time earlier this week. After today's less than 0.1% gain, his bullish call still faces an uphill battle.Looking for other positives, the losses at
, financials that led Thursday's retreat
, were much smaller, down 0.6% and 0.7% respectively.
Lazard, which received a ratings upgrade to 'buy' from Pali Capital, was trading up for most of the morning, though by mid-day it had gone back into negative territory on a percentage basis. Morgan may have received a little help from the announcement that it had finally unloaded an albatross of a real estate investment on
The real winners, however, were the Japanese financials, with
up over 6% and
Mitsubishi UFJ Financial
up over 3.5% at the close.
Mitsubishi announced plans yesterday to raise $1 trillion yen in new shares to shore up its Tier 1 capital structure, the largest ever share-offer in the Japanese market, which actually helped to push the Japanese market down yesterday. The company announced today that it will form an intermediate holding company separate of its larger financial conglomerate and
Mitsubishi UFJ Securities
The long list of losers continued to feature the sector's biggest names, with
performing the worst in Friday's session, down 2.7% and 1.6% respectively.
was down 1.4%; while
were down 0.2% and 0.3% respectively.
The financial sector was down 0.55% for the day, almost double the S&P loss of 0.32%.
-- Reported by Eric Rosenbaum in New York
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