Top Financial Stocks
Financial stocks have reversed earlier losses and are now little
changed near the close with the NYSE Financial Sector Index sinking
0.2% and the S&P Financial 100 Index gaining about 0.1%.
In company news, Paulson Capital Corp. (
) is up nearly 22% at $1.35 a share, holding near the top of its
session range and the struggling investment firm last night
disclosing a $5.25-million financing effort as well as a proposed
reverse split of its stock.
According to a new regulatory filing, PLCC late last month
arranged for a private placement of equity units with an
unidentified investor or group of investors. The offering consisted
of 287,773 shares of common stock and 500,000 shares of Series A
preferred stock as well as five-year Class A and Class B warrants
to purchase additional stock.
Each preferred share is convertible into 2.305640603 shares of
common stock. The Class A warrants are exercisable at $0.35 each
starting in six months to buy up to 7.5 million shares of Series B
preferred stock that can be exchanged on a 1-for-1 basis for PLCC
common stock. The Class B warrants will purchase up to 13.6 million
Class B shares.
The company also said it will soon seek shareholder approval for
a reverse stock split of between 2-for-1 and 10-for-1 at any time
over the next 18 months following the shareholder vote.
In other sector news,
(-) ICE, Reportedly has hired three investment banks to assist
with plans to sell Euronext exchanges in Paris, Lisbon, Brussels
and Amsterdam to raise a portion of the $8.2 billion it is offering
to acquire NYSE Euronext (
(-) EPAY, Q4 EPS of $0.32 beats by $0.03 per share. Revenue
rises 5.9% over last year to $65 mln, matching the consensus call.
Also announces the purchase of financial messaging firms Sterci SA
and Simplex GTP Ltd. Terms will be disclosed at a later date.
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