Financial stocks were higher Monday, earnings news drove movements in several smaller stocks.
Old National Bancorp
shares jumped 8% after the regional bank's first quarter earnings came in 81% over the year-ago period's. Although the net income was down sequentially, investors rewarded the bank for its balance sheet restructuring and staff reductions, sending shares up $1.26 to $17.06.
reported a net loss for the first quarter of $8.9 million. However, the bank also added a significant number of accounts and saw increases in revenue and client deposits. The good news buoyed shares 6.8% to $35.56, an increase of $2.25.
It hasn't been an easy ride as of late for student loans, but on Monday
Student Loan Corp.
( STU) ticked up 10.5% on no discernable news. The student lender saw it shares move up $11.63 to $122.05.
also bumped up 6% ahead of its earnings reports expected out later this week. The regional broker gained $1.07 to move to $18.99.
NYSE Financial Sector
index quietly moved up 89.19 to 7,838.96.
Elsewhere, other regional banks tumbled on less than impressive first quarters.
noted that its results were impacted by a combination of the
rate cuts and the bank's attempt to build loan loss reserves. Shares were down 6% in early trading, but lately recovered and were only losing 3.2% to trade at $12.
Shares of small-cap bank
First State Bancorporation
( FSNM) declined 15.1% after the bank's first-quarter earnings decreased 39% from a year ago, as its provision for loan losses increased. Investors sold off shares in the southwestern bank, as shares fell $1.79 cents to $9.98.
Investment banks were generally trading down slightly ahead of the Fed's rate-setting Federal Open Markets Committee meeting later this week.
was sliding 45 cents to $191.55 and
giving back 29 cents to $50.36.