Financial Stocks Drifting Lower; PennyMac Slides After Fidelity Investments Moves to Sell Its Stock


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Financial stocks were slightly lower Tuesday with the NYSE Financial Sector Index slipping about 0.1% and the S&P Financial 100 Index declining about 0.2%.

In company news, PennyMac Financial Services Inc. ( PFSI ) fell Tuesday after the residential mortgage originator said the Fidelity Investments Charitable Gift Fund is planning to sell 5.55 million shares in a secondary offering of the company's common stock.

PFSI is not selling any stock and will not receive any proceeds from the offering. The Fidelity fund will also issue options to underwriters to purchase up to 555,455 additional shares to cover possible overallotments.

Shares were down 5.5% at $17.36 each, just 7 cents above its session low. The stock has a 52-week range of $15.75 to $23.33 a share.

In other sector news,

(+) RBS, (+1.1%) Reportedly has discussed a possible sale of its Citizens retail business in the U.S. with Sumitomo Mitsui Financial Group ( SMFG ), Reuters said, citing people with knowledge of the situation. Mitsubishi UFJ Financial Group ( MTU ) also is said to be considering a bid.

(-) MSCI, (-3.6%) UBS cuts investment rating for the maker of risk-management software to Neutral from Buy and setting a price target of $46 a share, citing its exposure to certain emerging markets, reduced margins and uncertain return on recent capital spending.

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: PFSI , SMFG , MTU

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