hsbc holdings

hsbc holdings

Midnight Trader Financial Sector Report: March 1st, 2010

6d ago
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Financial shares are mixed in mid-day trading on Monday as disappointing company news couples with positive data on consumer spending and construction. Earlier in the day, shares in HSBC Holdings fell after the bank reported a $5.83 billion profit that fell short of expectations. Executives attributed the shortfall to a relatively disappointing performance in investment banking and some Asian markets. According to figures from the U.S. Department of Commerce, consumer spending rose 0.5% in January and follows a 0.3% gain in December. Incomes climbed 0.1%. Prudential (PRU) said it was buying out AIG's (AIG) Asian life insurance unit for $35.5 billion in cash and stock to gain over 20 million customers. Meanwhile, IndyMac Bank, Silverton Bank, and New Frontier Bank are among 19 lenders contributing overdue loans to a $610.5 million auction by the FCIC. Top Financial Stocks JPM: -0.81% BAC: -0.45% WFC: +0.07% C: -0.29% USB: -0.41% Dow Jones U.S. Financials Index (DJUSFV): (+0.03%) to 270.15