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 (
) has agreed to buy Panasonic Healthcare Co. for about $1.67
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. (
) 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.
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