Financial Stocks Recovering From Early Losses; Deutsche Boerse CEO Still Not Interested in CME Group Deal


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Financial stocks have reversed earlier losses and have turned narrowly higher, with the NYSE Financial Sector Index rising 0.1% and the S&P Financial 100 Index gaining about 0.3%.

In company news, shares of CME Group Inc. ( CME ) were lower Thursday amid new comments from Deutsche Boerse trying to shoot down speculation the American futures and options exchange may be readying for a hostile takeover of its German counterpart.

"The chances of a hostile takeover succeeding in our sector are zero. Even friendly ones have been difficult," Deutsche Boerse CEO Reto Francioni said during a news conference in Frankfurt in reply to a question, according to a Reuters report.

CME is said to have approached the German exchange operator last year about a friendly combination, which the Deutsche Boerse rebuffed. "Our position hasn't changed," Francioni said.

CME shares were down about 1% at $74.01 each in recent trade, slightly more than halfway to the downside of the stock's trading range Thursday. It has a 52-week range of $57.49 to $84.71 a share.

In other sector news,

(+) PRAA, (+16.5%) Agrees to acquire Aktiv Kapital in a $880 mln combination of cash plus $170 mln in seller financing, $435 mln in new borrowing and accessing up to $212 mln from accordian feature of credit facility. Deal is seen as immediately adding to PRAA earnings.

(-) OCN, (-5.5%) Reportedly pitching $136 mln bond deal backed by a pool of mortgage servicing rights - assets that give companies the right to collect payments on home loans in return for a small slice of the income, according to the Financial Times.

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

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