Top Financial Stocks
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 (
) and the Firsthand Technology Value Fund (
) - 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
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
(-) 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