Shares of Finova Group Inc. slid Tuesday as the company's third-quarter earnings, which included major asset writeoffs, overshadowed Monday's announcement that Leucadia National Corp. had agreed to invest $350 million in the company.
The stock of Finova, a Scottsdale, Ariz., commercial finance company, dropped 31.25 cents, or 11.6%, to close at $2.375. After the abrupt ending of the company's morning conference call - no questions were taken, a point of contention among analysts - its stock skidded as much as 25% before partly recovering. The American Banker index of 225 banks fell 0.2%, and its index of the top 50 banks fell 0.5%. The Dow Jones industrial average gained 1.6%; the S&P 500 index 2.4%; and the Nasdaq 5.8%.