Gainers And Losers In The Financial Sector On March 3 (GS, MS, BAC, JPM, C, SNV, WFC)

The financial sector had its share of losers and gainers yesterday. Among the losers was Goldman Sachs (NYSE: GS), which fell 0.65% after Rochdale Securities analyst Dick Bove slashed his 2010 earnings estimates for the company. Bove commented late Tuesday that GS’ first-quarter results may be disappointing due to low trading activity.

Bove has reduced his 2010 profit estimate for GS from $18.75 to $18.04 a share. This is significantly short of the consensus of $18.52 a share. Bove has marginally raised his 2011 and 2012 estimates for Goldman, as he believes that "the company is a winner and its stock will reward investors."

Bove’s comments also impacted rival Morgan Stanley (NYSE: MS), which fell 1.32% to close at $28.32 yesterday.

Meanwhile, Bank of America (NYSE: BAC) shares moved up as the Treasury Department auctioned its 272 million warrants to buy the company’s common stock. With this auction, government ownership in the bank has come to an end. After gaining 0.7%, BAC shares reversed their movement and lost 0.49% to close at $16.37. Some of the other banks that gained during the day but closed in the red were JPMorgan Chase (NYSE: JPM), Synovus Financial (NYSE: SNV) and Citigroup (NYSE: C).

The gainer in the financial sector was Wells Fargo (NYSE: WFC), which added 1.18% to close at $28.20.

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