Sector Update: Financial

By Staff,

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Financial shares are lower in today's pre-market session even as consumer spending rose in August. Consumer spending rose for the third fastest pace of the year last month, according to a report from the U.S. Department of Commerce.

In financial stocks news this morning, Kohlberg Kravis Roberts ( KKR ) has agreed to buy Panasonic Healthcare Co. for about $1.67 billion.

Following the transaction, KKR will own 80% of the unit and Panasonic the remaining 20%. KKR is steady at $20.60.

And, American Capital Ltd. ( ACAS ) says it has repurchased about 13.4 million shares of its common stock, reducing the number of outstanding shares by around 4.6% from the start of the quarter.

ACAS paid about $13.11 per share, on average, with a total outlay of around $175.5 million.

Over the past two years, the company has now bought back 83.8 million shares, reducing its share total by 24.3% compared to June 2011 levels. It estimates the stock buyback has increased the per-share net asset value by $1.40 per share.

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: ACAS , KKR

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