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Financial stocks were seesawing along with the broad market Monday on a cavalcade of mixed news, and among the laggards was auto-finance firm


( ACF).

The Fort Worth, Texas, company said it will privately offer $200 million in senior bonds to certain institutional buyers. Proceeds may go to paying back existing debt, among other general corporate purposes. Shares gave up 1.1% at $27.44 to weigh on the


Financial Sector Index which, after a bumpy day, was up fractionally at 9,862.56.

Harris & Harris


was also lower after agreeing to sell 1.3 million of its shares to institutional investors at $10.79 each -- a 9.7% discount to Friday's closing price. Net proceeds should total some $13.1 million. Shares of the New York investment firm were shedding 3.6% to $11.49.


Community Banks


, meanwhile, fell on a sharp downward restatement. First-quarter earnings will be cut by 31.7% to 28 cents a share following a regulatory interpretation of a new accounting standard -- which, says the bank, has been "a source of significant confusion and controversy within the banking industry." That puts first-quarter income a dime below Thomson Financial's average estimate, whereas its previously stated results had beaten by 3 cents.

Shares of the bank were down 1.4%, or 49 cents, to $33.90.

Susquehanna Bancshares


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, which agreed to buy Community for around $34 a share last month, dropped 2% to $23.29.

Also among today's trailing financial stocks were boutique investment bank

Keefe Bruyette


, down 5.4%; asset manager


(AB) - Get AllianceBernstein Holding L.P. Report

, off 1.7%, and commodities exchange


( NMX), which retreated 1.5% from early Friday's

big gains


But the KBW Bank Index was lately up 0.3% to 116.90, thanks in part to a 2.1% gain at

Washington Mutual

(WM) - Get Waste Management, Inc. Report

and to

Capital One

(COF) - Get Capital One Financial Corporation Report

, which rose 1.4% to $81.84.

Prominent among other financial winners was

Fortress Investment Group


. The New York asset manager surged 7.7% to $25.28 after raising its annualized dividend by 5.9% to 90 cents a share, meaning a second-quarter per-share distribution of 22.5 cents.


Lehman Brothers

( LEH) got a boost after


said Lehman is solidly on the rise, contrary to conventional wisdom, having made "substantial strides in equities and investment banking" even as shares gain at a far slower clip vs. competitors like

Goldman Sachs

(GS) - Get Goldman Sachs Group, Inc. (GS) Report


Morgan Stanley

(MS) - Get Morgan Stanley (MS) Report

. Shares of Lehman climbed 1.2% to $80.04.

Meanwhile, several names rode higher on analyst upgrades. Health insurer


( AGP) and

Impac Mortgage

(IMH) - Get Impac Mortgage Holdings, Inc. Report

were upped to buy at Goldman Sachs and Roth Capital, respectively, as the analysts said broader industry risks are adequately priced into the firms' shares. Amerigroup spiked 3.8%, or 91 cents, to $25.17; Impac added 2.4% to $6.43.