Financial Lower Bruised in Market Slump; China Commercial Credit Post-IPO Rally Has Second Act


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Financial stocks are lower with the NYSE Financial Sector Index sinking 1.4% and the S&P Financial 100 Index off 1.7%.

In company news, China Commercial Credit Inc. ( CCCR ) is extending its post-IPO rally to a second day, currently trading up nearly 31% at $16.30 a share, climbing as high as $19.39 for a 55.7% advance during today's session.

The microcredit company finished with a 91.5% gain at $12.45 a share on Wednesday in its market debut after pricing its initial public offering of 1.37 million shares of its common stock at $6.50 apiece - the mid-point of expected price range.

The deal generated around $7.54 million in net proceeds, which the company will use to support its lending and guarantee capacities.

In other sector news,

(+) SPPR, (+2.9%), Split-Adjusted) Executes 1-for-8 reverse split of its common stock announced last night.

(-) MPW, (-6.25%) Prices public offering of 10 mln shares of common stock at $12.75 each. The company last night also announces plans for a $150-mln offering of senior notes due 2022. Proceeds will be used to fund acquisition of three acute-care hospitals from IASIS Healthcare.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: CCCR

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