Top Financial Stocks
Financial stocks were slightly lower in late Friday trade with
the NYSE Financial Sector Index down about 0.1% and the S&P
Financial 100 Index declining about 0.3%.
In company news, American Realty Capital (
) shares were moderately lower late Friday after agreeing to
acquire the property containing over 500 Red Lobster restaurant
locations as part of Golden State's Capital's purchase of the Red
Lobster chain from Darden Restaurants (
Estimated value of ARCP's sale-leaseback transaction is about
$1.5 billion. Approximately 93.5% of the portfolio leases will be
structured with initial terms of 25 years with the remaining
locations having an average weighted term of around 18.7 years.
ARCP also said the master leases will include 2% annual rent
escalations, providing built-in income growth for the company.
ARCP shares were down 1.4% at $13.03 each this afternoon,
maintaining a 5-cent margin above its session low. The stock has a
52-week range of $12.13 to $17.32 a share, falling 20.1% in value
over that span.
Shares of DRI - which booked about $2.1 billion from the Red
Lobster sale - were down over 4% at $48.65 in late trade.
In other sector news,
(+) IBN, India's Bharatiya Janata Party appears set to claim a
majority of the 545 seats in the Indian parliament - either winning
or leading in 280 races - the first time in 30 years a coalition
won't be needed to rule India.
(-) FFKT, Completes redemption of one-third of its outstanding
Series A preferred stock, paying $10.2 mln - or $1,000 face value
of each of the 10,000 shares plus accrued dividends of $22.50 per
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