Sector Update: Financial

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Financial stocks are narrowly mixed with the NYSE Financial Sector Index down less than 0.1% while the S&P Financial 100 Index is up about 0.3%.

In company news, Brookfield Asset Management Inc. (BAM, BAM.TO) is drifting between small gains and losses today after late Friday saying will pay $905 million to American International Group Inc. ( AIG ) to scrap a set of agreements on interest-rate derivatives, also ending a four-year legal fight in U.S. federal court over the swaps.

Both of the related 25-year interest rate swap agreements were originally executed in 1990 between the firms. BAM in September 2009 sued AIG contending the rate swaps were automatically terminated by AIG's financial collapse and subsequent rescue by the Federal Reserve and the U.S. Treasury, according to court records.

BAM said the swaps were accounted for as a $1.4-billion liability on its Q2 financial results for the three months ended June 30. AIG shares are up 0.7% to $47.70 each.

In other sector news,

(+) CHMG, (+0.4%) Declares quarterly cash dividend of $0.26 per share, payable Oct. 1 to shareholders of record on Sept. 17.

(-) AMH, (-0.2%) Credit Suisse begins analyst coverage with Neutral rating and an $18 a share price target.



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: AIG

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