Financial Sector Under Pressure; ICE Adding Advisors For Euronext Sale, Proceeds to Fund NYSE Buyout

By Staff,

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Financial stocks are broadly lower, with the NYSE Financial Sector Index sinking 0.8% and the S&P Financial 100 Index retreating 0.6%.

In company news, IntercontinentalExchange Inc. ( ICE ) is down 0.5% at $182.39 a share amid reports it has hired three investment banks to assist with plans to sell Euronext as part of its broader efforts to acquire NYSE Euronext ( NYX )

ABN Amro will join existing advisers Societe Generale and JP Morgan ( JPM ) to assist with the sale, which includes combined exchanges in Paris, Lisbon, Brussels and Amsterdam, sources told Reuters. It will keep the Liffe interest rate futures exchange.

ICE previously decided to float Euronext to help fund its $8.2-billion bid for NYX, also believing the sale would ease regulatory approval of the deal in Europe while keeping its focus on U.S. operations, one of the sources said.

NYX shares are down 0.4% at $42.19 apiece.

In other sector news,

(-) WHLR, (-3.0%) Prices public offering of 2.75 million shares at $4.30 apiece, generating $11.83 million in gross proceeds.

(-) EPAY, (-7.0%) Q4 EPS of $0.32 beats by $0.03 per share. Revenue rises 5.9% over last year to $65 mln, matching the consensus call. Also announces the purchase of financial messaging firms Sterci SA and Simplex GTP Ltd. Terms will be disclosed at a later date.

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

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

This article appears in: Investing Commodities
Referenced Stocks: ICE , JPM , NYX

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