Citigroup: Financial Winners & Losers

The U.S. financial sector climbed Monday morning on better than expected home sales, but slid back down by noon.
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NEW YORK (

TheStreet

) -- The U.S. financial sector climbed Monday morning on better than

expected home sales,

but slid down again in the afternoon.

The Financial Select Sector SPDR

(XLF) - Get Report

dropped by 4 cents to $14.56 a share by noon.

Banks such as

Citigroup

(C) - Get Report

got a boost from the morning rally. Citigroup's shares were up 7 cents, to $4.18, after Goldman analyst Richard Ramsden said

Citigroup will post a 1.2% return on assets and a 16% return on equity once it completes the run-off of Citi Holdings

.

Credit card sector stocks rallied Monday.

American Express

(AXP) - Get Report

,

Visa

(V) - Get Report

,

MasterCard

(MA) - Get Report

and

Discover's

(DFS) - Get Report

shares were all up on earnings news and reports that credit card companies have been developing new revenue drivers to adjust to new regulations.

American Express' stock was up 45 cents at $39.47 a share, Discover Financial Services' stock was up 17 cents, to $17.58. During the same period Visa's stock was up 50 cents to $79.80 and MasterCard got a $1.35 boost to trade $243.99 a share.

Bank of America

(BAC) - Get Report

took a hit on news that the bank had discovered errors in

documents while examining foreclosures files, according to The Wall Street Journal

. Bank of America's stock slid 28 cents to $11.14 a share.

Another bank taking a beating Monday was

Wilmington Trust

(WL)

. Shares slipped $1.03 a share to $7.71 on news that

the bank was looking for a buyer.

--Written by Maria Woehr in New York.

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Maria Woehr

.

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