Financial stocks have reversed earlier losses and have turned
narrowly higher, with the NYSE Financial Sector Index rising 0.1%
and the S&P Financial 100 Index gaining about 0.3%.
In company news, shares of CME Group Inc. (
) were lower Thursday amid new comments from Deutsche Boerse trying
to shoot down speculation the American futures and options exchange
may be readying for a hostile takeover of its German
"The chances of a hostile takeover succeeding in our sector are
zero. Even friendly ones have been difficult," Deutsche Boerse CEO
Reto Francioni said during a news conference in Frankfurt in reply
to a question, according to a Reuters report.
CME is said to have approached the German exchange operator last
year about a friendly combination, but Deutsche Boerse rebuffed the
CME. "Our position hasn't changed," Francioni said.
CME shares were down about 1% at $74.01 each in recent trade,
slightly more than halfway to the downside of the stock's trading
range Thursday. It has a 52-week range of $57.49 to $84.71 a
In other sector news,
(+) PRAA, (+16.5%) Agrees to acquire Aktiv Kapital in a $880 mln
combination of cash plus $170 mln in seller financing, $435 mln in
new borrowing and accessing up to $212 mln from accordian feature
of credit facility. Deal is seen as immediately adding to PRAA
(-) OCN, (-5.5%) Reportedly pitching $136 mln bond deal backed
by a pool of mortgage servicing rights - assets that give companies
the right to collect payments on home loans in return for a small
slice of the income, according to the Financial Times.
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