Some of Monday's worst financial-sector losers became Tuesday's biggest winners as investors racked up bargains and short-sellers cashed in. Subprime lender
New Century Financial
shored up gains of $1.32, or 29%, to $5.88;
added 58 cents, or 13.6%, to $4.86; and
surged $1, or 16.8%, to $6.88.
, a mortgage investment firm that likewise foundered in Monday's subprime undertow, recovered a large chunk of those losses after proclaiming that subprime mortgages constituted only 0.4% of its 2006 loan acquisitions, and that 99.8% of its total loans rated A or A- as of year-end 2006. Shares were soaring 90 cents, or 22.2%, to $4.95.
climbed after the banking behemoth bid $10.75 billion to buy Japanese broker
outright. News broke last week on this possibility. Citigroup currently has a 4.9% stake in the firm. Shares were up $1.13, or 2.3%, to $50.38.
got a lift after receiving government approval for conversion to a federal savings bank from its current status as a national bank. These plans were first announced in November. Shares were up $1.87, or 5.3%, to $37.07.
rose after the online broker said its February daily average revenue trades climbed 16% from last year to about 69,000. Total client assets were up 12% to $1.62 billion. Shares were adding 49 cents, or 4.2%, to $12.21.
A Friedman Billings analyst raised
rating to outperform from market-perform, spurring the insurer's shares up $1.86, or 2.9%, to $66.25.
slipped on two pieces of news. The lender publicly offered 3.3 million of its shares at $29.25 apiece, estimating net proceeds at $93.8 million, with an underwriters' option of about 500,000 shares to cover any overallotments. In addition, earlier on Tuesday the firm announced it will pay $75 million for a majority stake in Direct Capital, a business-financing firm. Shares were sinking 92 cents, or 3.1%, to $29.13.