today warned of further losses tied to the U.S. housing market.
In a prospectus for a share sale, the Swiss bank noted that it may have to record losses in the second quarter, after a first quarter in which the bank lost 11.5 billion Swiss francs and wrote down $19.5 billion tied to U.S. real estate and structured credit. The stock tumbled 6.4% to $25.24 in recent trading on the
New York Stock Exchange
Among the gainers,
, an Irvine, Calif.-based homebuilder, saw shares rise 49.1% to $3.31. The company announced it had secured $530 million in equity funding from MatlinPatterson. Standard Pacific said the move will strengthen its balance sheet and enhance financial flexibility.
was down $4.76, or 6.1%, to $73.58 on news that China is shaking up its telecom sector.
The Wall Street Journal
reported that China will merge six state-owned telecoms into three carriers offering wireless and fixed-line service. The move is expected to create at least two strong competitors to China Mobile.
Level 3 Communications
was down 19 cents, or 5.4%, to $3.30, after Standard & Poor's reduced its rating to sell. The stock gave back half of an 11% gain it made on an analyst upgrade Thursday, when it closed at $3.50.
saw shares slide 5.3% to $6.04. An RBC Capital Markets analyst identified Colonial as a bank with potential to fail due to rising problem assets. San Francisco-based
bank also hit the list and declined 5.8% to $5.19 as a result.
jumped 16.2% to $6.31 on news that it had gotten $38 million in capital from Robert Rowling, acting through TRT Financial Holdings.
This article was written by a staff member of TheStreet.com.