As the Dow Industrials sank 126 points to 11,018.66 today, some bear bets on financials had big volume.
The Direxion Daily Financial Bear (FAZ),� a popular exchange-traded fund for betting against banks, was up $1.14, or 10.3%, at $12.18, and its volume was 209 million shares, more than three times the average daily volume of shares traded the last three months, according to data on Yahoo! Finance.
The long bet, by contrast, Financial Select Sector SPDR ETF (XLF), ended the day off 62 cents, or 3.7%, at $16.36.
Goldman Sachs (GS) shares ended down almost 24 points, or 13%, at $160.70, but saw some buying in the after-market, rising $1.15.
Bank of America (BAC), following better-than-expected results this morning, was down $1.07, or 5.5%, at $18.41.
At least one non-bank financial did very well: MBIA (MBI) closed up 52 cents, or 6%, at $8.87.
Meantime, Boston Scientific (BSX) sailed through the day on last night’s announcementit would put its defibrillators back on the market after an FDA inquiry, up 20 cents, or 3%, at $7.34; Lions Gate Entertainment (LGF) was boosted by the latest bid from Carl Icahn, at $7, driving its shares up 50 cents, or 8%, to $6.87; and newspaper publisher McClatchy (MNI) was the seventh highest gainer on the NYSE, up 42 cents, or 7%, at $6.46.
General Electric (GE), meantime, closed down 53 cents, or 3%, at $18.97, after missing Q1 revenue estimates and confirming the SEC is investigating remarks made by CEO Jeff Immelt about the company’s access to credit during the credit crunch.
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