Sector Update: Financial

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Financial stocks were ending little changed this afternoon with the NYSE Financial Sector Index declining less than 0.1% and the S&P Financial 100 Index falling about 0.1%.

In company news, E*Trade Financial Corp ( ETFC ) was higher Wednesday after Fox Business Network senior correspondent Charlie Gasparino late yesterday said bulge bracket investment bankers Goldman Sachs ( GS ) could be eyeing ETFC or rival discount broker Charles Schwab Corp ( SCHW ) as possible buyout targets.

In a late-day tweet Tuesday, Charlie Gasparino touted an upcoming FBN segment discussing "@GoldmanSachs' incredble shrinking fixed income trading dept and firm's POSSIBLE purchase of schwab or etrade." During the segment, he quoted an unnamed analyst who said GS has plenty of cash and could be looking at possible deals because its dark pools business may soon be "going the way of the dinosaur."

EFTC shares were up just over 2% at $22.12 apiece in late afternoon trading after earlier advancing to a session high of $22.20 a share. SCHW also rose, climbing as much as 1% and recently was ahead about 0.4% at $27.42 a share.

GS was up 0.2% at $167.17 a share, giving back much of an earlier rise today to $167.81 a share.

In other sector news,

(+) BAC, Deutsche Bank upgrade to Buy from Hold, saying the company is "well-levered to a potential pickup in capital markets revenues, higher interest rates and an improving U.S. economy." Price target raised by $1.50 to $18.00 a share.

(-) JPM, CEO and Board Chairman Jamie Dimon tells shareholders and employees he has been diagnosed with throat cancer, telling them his prognosis is excellent and that he will remain actively involved with the bank during his treatment.



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.

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


This article appears in: Investing , Commodities

Referenced Stocks: ETFC , GS , SCHW

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