Financial stocks were adding to their earlier gains Thursday
with the NYSE Financial Sector Index climbing 0.5% and the S&P
Financial 100 Index advancing 1.2% near the closing bell.
In company news, Siebert Financial Corp. (
) shares returned slightly closer to earth Thursday, declining
today following a 59% advance Wednesday after people with knowledge
of the matter told Bloomberg News the discount broker is exploring
The company's founder - Muriel Siebert, best known as the first
woman to buy a seat on the New York Stock Exchange - died of
complications from cancer last August at age 84. She started Muriel
Siebert & Co., in 1969 and retooled it as a discount brokerage
in 1975 as Wall Street began to negotiate trading commissions
rather than adhering to fixed rates.
The brokerage reportedly is working with Raymond James Financial
) in its search for a buyer. A $50 million pricetag is possible,
the sources told the news service, suggesting a share price of
around $2.26 each.
SIEB shares were down 11.7% at $2.86 apiece in recent trade,
falling 38 cents from yesterday's closing price that followed the
stock jumping $1.20 a share - or 58.8% - from the prior
The stock has a 52-week range of $1.35 to $4.45 a share, which
followed a 51% intra-day spike on Feb. 3, again likely following
take-over speculation for the thinly traded shares.
In other sector news,
(+) VOYA, Prices 26.5 million shares of its common stock
previously held by ING Group (
) at $35.23 per share. VOYA also intends to buy back 7.25 million
of its shares from ING for $250 million, dropping ING's ownership
stake to 45%.
(-) ORI, Cancels planned recapitalization by its RMICC
mortgage-guaranty subsidiary, citing "a lack of success in
attracting capital-markets funding."
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