Downey’s shares up most in 7 years
From Times Wire Services
Shares of Downey Financial Corp., the Newport Beach-based savings and loan firm, rose the most in seven years after it reported a fourth-quarter loss and investors thought the worst was behind it.
The lender reported a loss of $108.8 million, or $3.90 a share, on rising late loans and foreclosures, contrasted with net income of $52.1 million, or $1.87, a year earlier.
The company’s shares rose $3.80, or 15%, to $29.53.
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