Financial Stocks Falling in Late Trade; Higher One Gains After Hedge Fund Buys 9.9% Stake


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Financial stocks are lower in late afternoon trade with the NYSE Financial Sector Index falling 0.4% and the S&P Financial 100 Index also retreating 0.4%.

In company news, Higher One ( ONE ) is up 6.6% at $7.46 a share after Brave Warriors LLC purchased a 9.9% stake in the financial services company focused on college and university students.

New York-based Brave Warriors now owns about 4.64 million ONE shares, according to a new regulatory filing.

While the hedge fund said it has no specific plans or proposals for the company, it intends to soon meet with members of the company's board of director to discuss "its dissatisfaction with the actions of the Board and its oversight of the management of the Issuer and to discuss alternatives that the Issuer could employ to increase shareholder value," according to the SC 13D filing.

In other sector news,

(+) SPPR, REIT withdraws public offering of 16.7 mln shares of its common stock, citing current market conditions and its pricing expectations.

(-) TWGP, Reportedly hires JP Morgan to help it find a buyer for its troubled business units. Shares are now down more than 50% since the insurance and reinsurance firm postponed its Q2 results on Aug 7.

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: ONE

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