Sector Update: Financial

By Staff,

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Financial stocks were narrowly higher with the NYSE Financial Sector Index climbing about 0.1% and the S&P Financial 100 Index inching less than 0.1% higher.

In company news, BlackRock ( BLK ) ended with a small gain Tuesday with the asset manager today saying it launched the BlackRock Multi-Manager Alternative Strategies Fund to offer individual investors the opportunity to access multiple alternative investment strategies in a single open-end mutual fund.

BLK shares were up about 0.8% in late trade at $310.88 each, easing from a session high at $311.38 a share.

In other sector news,

(+) FRF, Climbs to best share price in over four years after accepting a $218 million buyout offer from Tiptree Financial ( TIPT ), which will pay $10 in cash for each FRF share. The deal also includes a 30-day go-shop period for FRF to explore other offers.

(-) TCAP, Prices underwritten public offering of upsized 4.3 mln shares at $26.85 apiece, a 2.85% discount to Monday's closing price for the stock. The deal added an extra 300,000 shares shortly before pricing.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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

This article appears in: Investing Commodities
Referenced Stocks: BLK , TIPT

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