NEW YORK (
) -- Financial stocks were slightly down Monday as economic reports offset the initial boost M&A news set this morning. The
Financial Select Sector SPDR
, a widely-followed exchange traded fund that tracks financial services stocks, stayed flat in early afternoon trading but ended the day down 9 cents a share to $13.74.
Financial winners of the day were
, which ended the day up 14 cents per share at $49.44 on news that the bank may be in talks with
to buy a 70% stake in
. Old Mutual was up $3.90 a share, to $124.90, on the rumors. The deal could range between $6 billion to $8 billion dollars, according to various media reports.
Bank of America's
stock rose 1 cent, to $12.87, on news that former CEO Kenneth Lewis and former CFO Joe Price asked a New York court to dismiss fraud charges brought by New York Attorney General Andrew Cuomo. The charges allege that Bank of America management misled shareholders when the bank acquired Merrill Lynch in 2008.
Losers of the day included
Gabelli Utility Trust's
shares, which plummeted 17% to $6.27, on news that the company is reviewing its distribution rate.
also took a 56 cent a share hit, to close at $40.20 on Monday, as news that credit card interest rates hit a 9 year high.
American International Group
shed 13 cents a share, ending the day at $35.04. Earlier the insurer had gained 19 cents on news that the insurer was paying back close to $4 billion of bailout money with proceeds from International Lease Finance Corp.'s $4.4 billion debt sale.
Written by Maria Woehr in New York