Sector Update: Financial


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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.

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This article appears in: Investing , Commodities
More Headlines for: BLK , TIPT

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