Posted at 12:50 p.m., Tuesday, October 30, 2007
Central Pacific shares down, Hawaiian's jump
Advertiser Staff
Shares of Central Pacific Financial Corp., operator of the state's fourth-largest financial institution, sank to a new 40-month low after the company reported net income fell almost 56 percent to $9.1 million in the third quarter.The company's shares slid $1.17, or about 5 percent, to $22.75. The company said earnings were hit when it took provisions for loan and lease losses.
Central Pacific was one of seven local companies whose shares declined. The Bloomberg-Honolulu Stock Index of 11 issues dropped 1.26 points to 97.45.
Two companies' shares were unchanged, while two gained. Included in the latter was Hawaiian Holdings Inc., which rose 4 cents during regular trading to $4.39. Hawaiian Holdings' shares jumped higher during after-hours trading following its announcement of quarterly financial results.
The parent company of Hawaiian Airlines reported its earnings after the close of the market, announcing net income for the third quarter 2007 rose 151 percent to $19.6 million.
That news sent Hawaiian Holdings' shares up in after-hours trading, rising 61 cents at one point to $5.
