New Century Financial
shares continued their downward spiral Monday after the beleaguered subprime lender finally
declared bankruptcy. Shares were off 18 cents, or 17%, to 88 cents.
rocketed nearly 21% after private-equity firm Kohlberg Kravis Roberts agreed to buy the credit-card processor for roughly $29 billion. The $34-a-share price represents a 34% premium to the stock's average closing price over the past 30 trading days. The deal should close by the end of the third quarter. Shares of Denver-based First Data were rising $5.56 to $32.46.
Chicago Mercantile Exchange
was higher after the derivatives exchange said its March trading volume surged 45% year over year to an average of 7.7 million contracts a day. Shares were climbing $12.32, or 2.3%, to $544.78.
plunged more than 10% on subprime mortgage-lending woes. Its portfolio of Alt-A loans (those that don't require full documentation), which had been put up for sale, lost $12 million in value over the past quarter. That will reduce first-quarter earnings by an estimated $7 million, or 7 cents a share.
The bank said it will lose another $4 million, or 3 cents a share, due to Alt-A loan repurchasing. Total first-quarter earnings are now pegged at $1.50 to $1.60 a share -- at least 26 cents below Wall Street targets, per Thomson Financial. Shares were down $10.48 to $105.35.
( NCC) fell after an analyst with AG Edwards cut the Cleveland-based bank to sell from hold. Shares were sinking $1.21, or 3.3%, to $36.04.