Financial Sector Review: Bank of America Falls After Hours
Radian Group Inc. (NYSE:RDN): Radian gets slammed by a Moody’s downgrade of its credit rating late yesterday, citing the company’s weak credit profile and ongoing stress on the firms capital and liquidity position due to mortgage market weakness.
The shares closed at $2.59, up $0.26, or 11.16%, on the day. Its market capitalization is $344.99 million.
Bank of America Corp (NYSE:BAC): The White House denies the rumor of a massive mortgage refinancing plan, letting the air out of Bank of America shares, -2.2% AH. The chatter had sparked BofA to the top of the S&P leader board and seemed to pull the rest of the market out of the doldrums. It was the fifth straight up day for BofA shares, something that never happened in 2011.
The shares closed at $6.31, up $0.5, or 8.61%, on the day. Its market capitalization is $63.96 billion.
Sun Bancorp, Inc. (NASDAQ:SNBC): Sun Bancorp files a $150M shelf registration, saying the move will enable the bank holding company to “quickly capitalize on market opportunities should they arise.” The firm has been trimming underwater assets ever since Wilbur Ross took a 25% stake, realizing at least $80M in losses.
The shares closed at $2.77, up $0.19, or 7.36%, on the day. Its market capitalization is $237.01 million.
Deutsche Bank AG (NYSE:DB): JPMorgan (NYSE:JPM) may have done for towns across Europe what it did for Jefferson County, Alabama – enticed officials into tricky swap agreements that backfired, cratering the localities’ finances. The bank – which denies wrongdoing – and some of its employees are on trial in Milan (along with DB and UBS), and a case is about to begin in Frankfurt.
The shares closed at $36.23, down $2.4, or 6.21%, on the day. Its market capitalization is $32.57 billion.
Credit Suisse Group AG (NYSE:CS): HSBC (NYSE:HBC) is pulling out of private banking in Japan as it streamlines operations, and is selling the unit to Credit Suisse for an undisclosed sum. The value of the gross assets included in the sale was ~$2.7B as of the end of October.
The shares closed at $23.08, down $1.31, or 5.37%, on the day. Its market capitalization is $27.77 billion.
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