Sector Update: Financial


Financial stocks are fighting off a slump for shares of JPMorgan Chase & Co ( JPM ) and Wells Fargo ( WFC ) to lift the NYSE Financial Sector Index to a 0.4% advance while the S&P Financial 100 Index also is holding on to a 0.4% gain.

In company news, IntercontinentalExchange Inc. ( ICE ) is up 0.4% at $194.00 a share shortly before the closing bell with the company now expecting to secure all of the approvals needed to close its $10-billion acquisition of NYSE Euronext ( NYX ) by Nov. 4.

"We are in signature-gathering mode in Europe," said NYX Chief Executive Duncan Niederauer during at an event last night hosted by the Investment Company Institute, according to the Wall Street Journal. "I would fully expect we will hit that date."

NYX shares are up 02% at $4.23 each.

The Nov. 4 close is predicated on the companies receiving the remaining approvals from national European regulators and financial authorities, ICE and NYX officials said in a news release earlier yesterday, adding the date still could be extended.

In other sector news,

(+) LXP, Announces public offering of 10 mln shares of its common stock, with plans to use net proceeds to pay down existing debt under its unsecured revolving credit facility recently used to purchase three Manhattan parcels.

(-) NMFC, Prices public offering of 3 mln shares of its common stock at $14.34 each, also selling another 3 million shares on behalf of New Mountain Finance AIV Holdings.

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 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: ICE , JPM , NYX , WFC

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