Financial Sector Adding to Earlier Gains; JPMorgan Chase Ditching School Loans, Cites Federal Competition

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Financial stocks are padding their day-long advance shortly before the close with the NYSE Financial Sector Index adding 0.6% and the S&P Financial 100 Index gaining 0.4%.

In company news, JPMorgan Chase & Co ( JPM ) is up about 0.8% at $52.29 a share in late trade amid reports it will stop making student loans in October, according to a document reviewed by Reuters on Thursday.

JPM will stop accepting applications for private student loans Oct. 12, near the end of the peak borrowing season for the current school year, according to the memo sent by the company to college administrators.

The decision follows a review by JPM concluding that competition from federal government programs limits its ability to expand the business.

In other sector news,

(+) TPGI, REIT climbs to new 52-week high after agreeing to $6.26-a-share, all-stock buyout by Parkway Properties ( PKI ) valued at $1.2-billion overall.

(-) CME, Prices $750-mln offering of 5.3% senior unsecured notes due 2043. Proceeds will be used, together with cash on hand, to retire at maturity all of its 5.75% notes coming due in February 2014.



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.

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This article appears in: Investing , Commodities

Referenced Stocks: JPM , PKI

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