Sector Update: Financial


Financial shares are lower in today's pre-market session, continuing last week's sell-off in part over ongoing uncertainty about the timing of the tapering of the Fed's stimulus program.

In financial stocks news, Independent Bank ( IBCP ) said Monday that it will offer $86 million of its common stock in an underwritten public offering. The company also said it will grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of common stock sold pursuant to this transaction to cover over-allotments, if any. All of the shares are being offered by the company. Shares closed at $7.94 with a 52-week range of $2.61 - $9.00.

And Blackstone's ( BX ) real estate division is offering to buy Tysan, a Hong Kong construction company, for $322 million, Reuters reports. BX is flat at $21.74 pre-market.

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.

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This article appears in: Investing , Commodities

Referenced Stocks: BX , IBCP

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