Sector Update: Financial Shares Weighed in Wake of Yellen Talk

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USB: flat

Financial shares were lower in Thursday's pre-market session as investors awaited reports on the labor market, home sales and manufacturing and continued to digest remarks on Federal Reserve policy from Fed Chair Janet Yellen on Wednesday.

In financial stocks news, ING U.S. ( VOYA ), which will rebrand as Voya Financial, Inc. in 2014, late Wednesday priced 26.5 million shares of its common stock being offered by ING Group ( ING ) at a price to the public of $35.23 per share.

In addition, ING U.S. will repurchase from ING Group 7,255,853 shares of its common stock at a price of $34.45494 per share pursuant to the terms of a share repurchase agreement with ING Group.

In total, ING Group will be selling approximately 33.8 million shares of ING U.S. common stock, thereby reducing its ownership stake in ING U.S. to approximately 45% immediately following the closing of the transaction.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: VOYA , ING

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