Financial Stocks Solidly Lower Near Bell; American Safety Shareholders Approve Fairfax Buyout

By Staff,

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Top Financial Stocks

JPM -0.67%

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USB -0.87%

Financial stocks have given back narrow gains earlier today with the NYSE Financial Sector Index now down 0.5% while the S&P Financial 100 Index is off about 0.3%.

In company news, American Safety Insurance is down less than 0.1% at $30.14 a share after its shareholders today overwhelmingly voted to accept a $30.25-per-share buyout offer from Fairfax Financial Holdings Ltd (FFH.TO).

The $306-million deal by the Canadian insurer, announced June 3, still requires additional regulatory approvals and is slated to close early in Q4. FFH.TO is down 0.1% at $435.03 a share in late Toronto trading.

In other sector news,

(+) CHMG, Declares quarterly cash dividend of $0.26 per share, payable Oct. 1 to shareholders of record on Sept. 17.

(-) BAM, Agrees to pay $905 mln to American International Group ( AIG ) to scrap a set of agreements on interest-rate derivatives, also ending a four-year legal fight in federal court over the rate swaps.

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: AIG

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