Shares of Hibernia Corp. strengthened Tuesday on the company's announcement that it would report $4 million in operating earnings for the third quarter, after a $25.1 million loss a year earlier.

But analysts warned that the gain - 50 cents by late afternoon, to $5.625 a share - might not be sustainable if the New Orleans-based company makes an expected rights offering that would raise needed capital but probably be dilutive to existing shareholders.

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