Financial Sector Update for 11/13/2017: GLBR,TST,AFSI

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Financial stocks have turned positive Monday afternoon, with the NYSE Financial Sector Index climbing about 0.1%, reversing an earlier decline, while financial companies in the S&P 500 Index were hanging on to a nearly 0.3% advance.

In company news, Global Brokerage ( GLBR ) stumbled Monday, falling almost 4% to a session low of $1.30 a share, after the foreign currency trading exchange today announced a debt-restructuring agreement with more than two-thirds of it convertible bondholders as well as an upcoming shift to the Nasdaq Capital Market ahead of a likely delisting of its public stock before the end of the year.

Global described the recent talks with the holders of around 68.5% of its 2.25% convertible notes due 2018 as "highly productive," explaining the agreement will extend the maturity of its current debt obligations by five years while it restructures operations to reduce its current expenses.

The proposed restructuring and accompanying Chapter 11 bankruptcy filing will not include Global's FXCM trading operations and is not expected to have any impact on that unit.

In other sector news,

(+) TST, Reports surprise GAAP Q3 profit of $0.01, improving on a $0.03 per share net loss during year-ago period and beating the two-analyst consensus expecting a $0.02 per share quarterly loss. Revenue edges 0.7% year over year to $15.3 mln, narrowly missing the $15.8 mln two-analyst mena.

(-) AFSI, JMP Securities lowers stock rating to Market Perform from Market Outperform.

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

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This article appears in: Investing , Banking and loans
Referenced Symbols: GLBR , TST , AFSI

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