Updated from 1:35 p.m. EDT
Choppy trading jerked the financial sector in and out of the red Tuesday amid
( WHI) precipitous nosedive.
Shares plunged more than 37.3% in heavy trading after the Puerto Rico-based bank announced that one of its larger asset-based loans is impaired, with an estimated collateral deficiency of at least $80 million. The bank hasn't yet determined its ultimate financial impact. Shares closed down $1.87 to $3.14
Fidelity National Information Services
also fell on news it had taken out Applied Financial Technology, a purveyor of risk analytics, analysis and data for the mortgage industry. Financial terms weren't disclosed. Shares lost 0.9% to $53.10.
Among other sliding financial stocks today, asset manager
Fortress Investment Group
gave up 4.1% to $22.30; student lender
shed 4.9% to $38.40; and
Freedom Acquisition Holdings
( FRH) was off 3.7% in partial retreat from some of yesterday's M&A-related gains.
W Holding and First Marblehead weighed on the
Financial Sector Index, which was down 0.2% to 9564.49. The KBW Bank Index was up 0.1%.
Among individual winners, San Diego's
First Community Bancorp
rose 3% on word it had taken out commercial-finance firm Business Finance Capital for $35 million in cash and stock. That comes on the heels of Monday's Friedman Billings upgrade, as well as its entry into the S&P MidCap 400. Shares closed up $1.68 at $57.66.
ticked up earlier in the day after agreeing to buy Berkshire-TWC Financial's mutual fund and securities dealerships in Canada. Terms weren't disclosed; the deal should close by Aug. 31. Shares of Canada-based Manulife traded actively, closing down 0.4% to $36.72.
Among other rising financial stocks today,
jumped 3.2% to $12.12; broker
added 1.5% to $26.43; and
( SOV) was up 0.3% to $21.57.