Top Financial Stocks
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. (
) 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.
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