Financial Stocks Now Little Changed; China Commercial Credit Soaring in Market Debut


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Top Financial Stocks

JPM +0.13%

BAC +1.3%

WFC +0.07%

C +0.6%

USB -0.3%

Financial stocks are little changed with the NYSE Financial Sector Index rising less than 0.1% and the S&P Financial 100 Index down about 0.1%.

In company news, China Commercial Credit Inc. ( CCCR ) is soaring in its market debut with the microcredit company today prices its initial public offering of 1.37 million shares of its common stock at $6.50 apiece - the mid-point of expected price range - generating around $7.54 million in net proceeds after underwriter discounts and other offering costs are deducted.

The stock currently is up nearly 75% at $11.05 a share, climbing as much as 107% to $13.48 shortly before mid-day and then easing into its current range above $11.

CCCR is planning to use most of the new capital to support its lending and guarantee capacities. Remaining funds are tabbed for general corporate uses.

In other sector news,

(+) DDR, (+0.4%) Said its joint venture with Blackstone Real Estate Partners VII LP has acquired a portfolio of seven shopping centers totaling 2.4 mln square feet for $322 mln, including $207 mln in assumed debt and $28 mln of new mortgage debt.

(-) PMT, (-4.4%) Prices offering of 11.3 mln common shares, with plans to use proceeds to repay debt as well as funding business and investment activities, including acquisition of distressed mortgage loans. Offering price not disclosed.

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

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: CCCR

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