Thursday's Financial Winners & Losers

Fannie Mae rises after restatement, while Aon falls.
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Fannie Mae

(FNM)

jumped 2.5% after issuing a long-awaited restatement that didn't reduce past earnings by as much as originally thought. The restatement, the byproduct of a major accounting scandal, reduced past earnings by $6.3 billion. But the mortgage finance firm still managed to add $4.1 billion in stockholders' equity in the period covered by the restatement. Shares were up $1.48 to $59.98.

Apollo Investments

(AINV) - Get Report

gained after the publicly traded investment arm of private-equity giant Apollo Management raised its quarterly dividend by 3 cents, to 50 cents a share. Shares were up 29 cents, or 1.3%, to $22.67.

ACA Capital

(ACA) - Get Report

jumped after reporting a 40% gain in third-quarter earnings. The asset manager earned $16.1 million, or 53 cents a share, up from 11.5 million, or 39 cents a share. Revenue totaled $122.5 million, up from $94.5 million a year ago. Shares were up 77 cents, or 6%, to $13.55.

Van der Moolen

(VDM)

rose on news that it had reached an $8 million settlement in a shareholder class-action suit. The plaintiffs had alleged that the price of the Dutch specialist firm's stock was inflated between 2001 and 2003 because it allegedly was profiting from improper trading activity. Shares were up 12 cents, or 2.3%, to $5.43.

Aon

(AOC)

dropped after an analyst with Merrill Lynch cut the health insurer's rating to neutral from buy largely because of valuation concerns. The analyst also doubts the company will pursue an accelerated share repurchase program. Operating margins will improve at a slower pace in 2007. Shares were down 22 cents to $36.82.