Financial Stocks Advancing; Liberty Property Trust Off Near 3% After Slating 21-Mln-Share Public Offering


JPM +1.6%, close to 52 week highs

BAC +2.4%, also close to 52 weeek highs

WFC +1.5%, ditto

C +1.6%, ditto again

USB +1.1%, ditto a third time.

Financial stocks are broadly higher with the NYSE Financial Sector Index advancing 1.3% and the S&P Financial 100 Index climbing 1.6%.

In company news, Liberty Property Trust ( LRY ) is off 2.85% at just above $37 a share, sliding as low as $37.02 today after late yesterday announcing plans to sell 21 million shares of its common stock in an underwritten public offering.

The real estate investment trust focusing on office and industrial properties expects to use net proceeds to finance a portion of its $1.475-billion acquisition of the Cabot Industrial Value Fund III.

Separately this morning, Sandler O'Neal lowered its rating for LRY shares to Hold from Buy. Price target information was not available.

In other sector news,

(+) CNO, (+2.2%, shy of 52 week highs) Holders of $25.7 million of the company's convertible senior debentures due 2016 exercise rights during July, receiving 4.74 million shares of CNO common stock - or one share for each $5.42 of principal amount.

(-) IVR, (-4.1%) Q2 earnings of $0.59 per share, ex items, miss Wall Street expectations by $0.02. Net interest income after provision for loan losses rose 16.1% over year-ago period to $95.56 million, also trailing the analyst consensus by $560,000.

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 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: LRY

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