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. (
) 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
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
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
) in the S&P SmallCap 600 following the men's clothier's
acquisition by The Men's Wearhouse (
). 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.
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