Top Financial Stocks
BAC +0.5% to near 52 week highs.
WFC +0.6%, 52 week highs.
USB +0.02%, hit 52 week highs.
Financial stocks are slightly lower with the NYSE Financial
Sector Index sliding about 0.1% and the S&P Financial 100 Index
less than 0.1%.
In company news, Affiliated Managers Group Inc. (
) has turned narrowly lower again, sinking about 0.3% to under $209
a share after earlier posting small gains after announcing plans to
acquire a majority equity interest in SouthernSun Asset
Financial terms of the transaction were not disclosed but the
companies said the SouthernSun partners will still hold a
substantial equity stake in the business after the deal closes
while also continuing to direct its day-to-day operations.
SouthernSun was founded nearly 25 years ago and currently has
around $5 billion in assets under management, using a fundamental,
research-driven process to guide portfolio decisions. AMG provides
investment management services to mutual funds, institutional
clients and high net worth individuals and had around $508 billion
under management at the end of its September quarter.
In other sector news,
(+) PAYX, (+4.3%, hits six year highs) Payroll services firm
reports fiscal Q2 EPS of $0.43, up from $0.41 last year and beating
analyst expectations by $0.01 per share. Revenue rise 7.2% year
over year to $610.5 mln, also topping the Thomson Reuters consensus
by $11.5 mln.
(+) AIG, (+0.7%) Reversing earlier losses that followed the
insurer announcing plans for a Jan. 17, 2014, redemption of nearly
$1.2 bln of its 4.25% three-year notes maturing Sept. 15, 2014.