Financial Stocks Hit Hard In Selloff; Goldman Sachs Scraps One Deal, Inks Another


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Top Financial Stocks

JPM -1.78%

BAC -2.60%

WFC -1.43%

C -3.37%

USB -0.18%

Financial stocks are keeping pace with the steep downdraft for stocks today with the NYSE Financial Sector Index falling 2.5% and the S&P Financial 100 Index declining 2.1%.

In company news, Goldman Sachs Group Inc ( GS ) is down 4.1% at $157.02 a share and the investment bank today inking a deal for a stake in a Mexican toll-road operator while scrapping another proposed acquisition.

GS today said it will acquire an 18.7% stake in Red de Carreteras de Occidente SAB de CV, the concessionaire for approximately 760 kilometers of Mexican highways, from Empresas ICA SAB de CV ( ICA ) for around $377.5 mln (Ps. 5,073 million).

ICA will continue to operate the highways. The transaction completes an asset recycling process initiated by the Mexican construction firm in 2012.

GS today also cancelled a proposed purchase of Ebix Inc. ( EBIX ) after a U.S. Attorney's office opened an investigation into allegations of intentional misconduct by the insurance software company. EBIX has denied any wrongdoing.

In other sector news,

(-) ALL, Estimates its pre-tax catastrophe loss during May totaled about $323 mln, with three severe weather-related evenut accounting for over 90% of the estimated loss. The insurer previously reported a $216-mln pre-tax loss in April, bringing its Q2 loss so far of around $539 mln.

(-) AGNC, Declares cash dividend on its 8% Series A cumulative redeemable preferred stock of $0.50 per share, payable July 15 for shareholders of record on July 1.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Commodities
More Headlines for: EBIX , GS , ICA

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