Financial stocks were seesawing along with the broad market Monday on a cavalcade of mixed news, and among the laggards was auto-finance firm
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.
, 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.
, 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
, down 5.4%; asset manager
, off 1.7%, and commodities exchange
( NMX), which retreated 1.5% from early Friday's
But the KBW Bank Index was lately up 0.3% to 116.90, thanks in part to a 2.1% gain at
, 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.
( 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
. Shares of Lehman climbed 1.2% to $80.04.
Meanwhile, several names rode higher on analyst upgrades. Health insurer
( AGP) and
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.