Financial Shares Ending With Small Gains; Two Publicly Traded Funds Seen Cashing In From Twitter Stakes

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Financial stocks are posting slight gains today with the NYSE Financial Sector Index gaining 0.1% and the S&P Financial 100 Index also adding 0.1%.

In company news, A pair of publicly traded investment funds - GSV Capital ( GSVC ) and the Firsthand Technology Value Fund ( SVVC ) - are rising today after Twitter late yesterday disclosed plans for an upcoming initial public offering of stock.

GSVC is up nearly 14% this afternoon at $13.81 a share, rising as high as $14.16 today because of its reported stake in the 140-character social networking company valued at around $37.6 million at the end of June, according to recent regulatory filings reviewed by the Wall Street Journal. At the time, that was just over 15% of the total value of the fund.

SVVC is up about 6.3% today at $24.35 a share as a result of the closed-end fund's Twitter stake. It said Twitter represents about 10.5% of the firm's gross assets, according to a securities filing. It had about $213.8 million in total assets, according to the same filing.

Other details of the two funds' Twitter stakes - including the number of shares and their buy-in price as well as their potential take from the IPO - likely won't be known until three weeks before the actual offering, when Twitter will be required to provide public copies of its S-1 filing with regulators.

In other sector news,

(+) JPM, Big bank plans to spend another $4 billion and commit as many as 5,000 additional employees this year to clean up its recent risk and compliance problems, according to the Wall Street Journal.

(-) INN, Prices public offering of 15 million shares at $9.20 each, a discount of almost 6% to Thursday's closing price. Deal will raise about $132.3 mln to be used to reduce debt and for potential acquisitions.



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 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

Referenced Stocks: GSVC , SVVC

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