Financial stocks were ending mostly lower today with the NYSE
Financial Sector Index falling about 0.9% and the S&P Financial
100 Index retreating about 0.6%.
In company news, Progressive Corp. (
) declined Thursday after the auto insurance company's Q2 profit
trailed its year-ago results.
Net income for the three months ended June 30 was $293.4
million, or $0.49 per share, beating the Capital IQ consensus by
$0.01 but trailing the same quarter last year by $0.05 per
Net premiums written rose 5.5% to $4.63 billion, matching Wall
PGR shares were down 2.6% at $24.54 apiece in late trade,
bouncing back from an earlier decline to $24.24 a share. The stock
has a 52-week range of $21.30 to $35.39 a share, rising less than
1% in value over the past 12 months.
In other sector news,
(+) AMRE, Regency Centers (
) goes public with $432.7 mln buyout proposal, saying "the
potential benefits of a combination are just too great to iqnore."
AMRE shareholders offered choice of receiving $22 in cash or stock
for each of their shares.
(-) SIR, CommonWealth REIT (
) sells 22 mln shares of SIR common stock at $31.51 apiece, a 5%
premium over Wednesday's closing price. The $705 mln deal
liquidates CWH's entire 37.4% SIR stake. CWH shares were up 2.6% in
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