Sector Update: Financial

By Staff,

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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 Nasdaq, Inc.

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

This article appears in: Investing Commodities
Referenced Stocks: BX , IBCP

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