Sector Update: Financial

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Financial stocks were narrowly lower today with the NYSE Financial Sector Index sinking 0.1% and the S&P Financial 100 Index also falling about 0.1%.

In company news, Retail Opportunity Investments Corp. ( ROIC ) rose Friday after the real estate investment trust late yesterday pricing a public offering of 12.5 million shares of its common stock at $14.95 each, just 12 cents under the stock's closing price Thursday night.

ROIC said it expects to pocket about $178.6 million in net proceeds after deducting underwriter discount and other offering expenses. It also issued 30-day options to the underwriters to purchase up to 1.875 million additional shares to cover possible overallotments.

The company expects to use the net proceeds to repay a portion of its $350.0 million unsecured revolving credit facility.

ROIC shares were up 2.6% at $15.46 apiece in recent trade, holding within 3 cents of its intra-day high. The stock has a 52-week range of $12.60 to $16.30 a share,

In other sector news,

(+) CHSP, (+3.1%) Selected to replace Jos. A. Bank Clothiers Inc. ( JOSB ) in the S&P SmallCap 600 following the men's clothier's acquisition by The Men's Wearhouse ( MW ). The change is scheduled for June 20.

(-) APAM, (-1.3%) Begins secondary offering of 1.84 mln shares of Class A common stock by affiliates of Hellman & Friedman LLC, liquidating their remaining 2.6% equity stake.



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.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

Referenced Stocks: ROIC , JOSB , MW

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