Top Financial Stocks
Financial stocks were narrowly mixed this afternoon with the
NYSE Financial Sector Index slipping less than 0.1% while the
S&P Financial 100 Index was up about 0.3%.
In company news, American Realty Capital Properties Inc. (
) rose Friday after saying its chief executive will step down in
October, with the president of the real estate investment trust
named as his replacement.
CEO Nicholas Schorsch will retire and be succeeded by David Kay,
according to a regulatory filing today by the company. Schorsch
will remain a company director but two other board members are
resigning, leaving the panel with five independent directors.
ARCP shares were up 3.3% at $12.57 each in late afternoon
trading, easing from their session high of $12.58. The stock has a
52-week range of $11.76 to $15.44 a share, declining 5.5% over the
past 12 months.
In other sector news,
(-) DB, Late yesterday proposes selling 300 mln new shares to
help boost its capital reserves. The bank also is being sued by
) and Pimco as part of a broader case over trustee responsibilities
for residential mortgage securities.
(-) EXL, Prices public offering of 11 mln shares of its common
stock at $13.25 apiece, a 4.8% discount to Thursday's closing share
price. The deal raised $145.75 mln in gross proceeds before
underwriter discounts and other expenses.
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