Financial stocks were at the whim of the broad market Monday, flitting in and out of the green on a mixed array of news.
Accredited Home Lenders
ranked among the biggest winners after asset manager Lone Star extended until Aug. 14 its
$15.10 per-share offer
to buy the subprime-mortgage lender, having not yet obtained all necessary regulatory approvals. Shares were climbing 54 cents, or 5.7%, to $10.03.
was also riding high after the Britain-based bank reported basic per-share earnings of 95 cents in the first half of 2007 -- a 21.8% jump in from the same period last year. Total operating income came to $42.1 million. Shares were up $3.10, or 3.5%, to $92.05.
traded actively after its private-equity affiliate agreed to buy Monaco-based
for about $284 million. The deal isn't conditioned on governmental or regulatory clearance, so it should close immediately on shareholder approval, the vote for which is scheduled for Sept. 5. Bear Stearns shares were recently up 2.1% to $125.71.
Bear Stearns also upped
, an insurer, to outperform, as credit-swaps seller
garnered a buy rating at Calyon Securities. The Bermuda-based companies were respectively adding 1.8% to $58.36 and 5.2% to $9.55.
The NYSE Financial Sector Index, which tracks most of the above names, gained 0.4% to 9,044.78 as the KBW Bank Index leapt 1.1% to 106.74 to outperform the major indices.
On the flip side,
lost 4.2% after sharply higher investment-related losses vs. last year dampened its second-quarter income. That came to $1.17 a share to top Thomson Financial's estimates, but shares were still giving up $1.80 to $41.53.
, CNA's majority owner, was sliding 3.2% to $46.07 after likewise posting earnings for that quarter.
American Home Mortgage
trading was halted by the
New York Stock Exchange
today after shares plummeted on word the real estate investment trust suspended its 70-cent per-share quarterly dividends
due to margin calls and writedowns
. The news peripherally
battered other lenders
, including subprime lenders
, lately off 16% to $2.59, and
, down 4.2%.