Sector Update: Financial

By Staff,

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Financial stocks are mostly higher in late trade today with the NYSE Financial Sector Index advancing about 0.4% and the S&P Financial 100 Index gaining almost 0.6%.

In company news, American Express ( AXP ) is narrowly lower at $76.03 a share, sliding less than 0.1% after today disclosing plans to turn its business travel division over to a joint venture with an investor group led by Certares.

The proposed change follows sizable job cuts at the unit. AXP will maintain a 50% stake in the joint venture, which is expected to remain under the American Express Global Business Travel brand.

The investor group will spend between $700 million and $1 billion for the venture, AXP said.

In other sector news,

(+) EHTH, Private online health insurance exchange partners with Intuit Inc. ( INTU ) to expand consumer enrollment in individual and family health insurance plans.

(-) NSM, Prices upsized $225-mln offering of 6.5% senior notes due 2018 by its Nationstar Mortgage LLC and Nationstar Capital Corp. subsidiaries. It originally planned to offer $150 mln of the notes.

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: AXP , INTU

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