Financial stocks were narrowly lower early Tuesday afternoon
with the NYSE Financial Sector Index sinking about 0.1% and the
S&P Financial 100 Index also falling 0.1%.
In company news, Greenhill & Co. Inc. (
) was enjoying one of its best days as a publicly traded company in
more than two years after the investment bank reported Q2 per-share
earnings and revenue that exceeded analyst opinion despite steep
drops compared with year-ago levels.
Profit during the three months ended June 30 fell 48% from the
same quarter last year to $8.1 million, or $0.27 per share, beating
the Capital IQ consensus by by $0.04 per share.
Revenue declined 27% year over year to $63 million, topping
estimates by around $7.2 million.
"The first half was relatively quiet for us in terms of
transaction completions," CEO Scott Bok said in prepared remarks.
"But particularly toward the end of the quarter, we saw the
beginning of the upturn in significant deal announcements we had
GHL shares were up nearly 7% at $48.19 each, climbing as much as
much as 13% to a session high of $51.00 a share earlier in the
session, its best advance in around 30 months. The stock has traded
within a 52-week range of $43.36 to $60.98 per share, rising about
2% over the past 12 months.
In other sector news,
(+) APTS, (+0.8%) Announces deal to acquire 1,397 multifamily
housing units, including 364 units in Kansas City, Kan.; 300 units
in Dallas, Texas; 364 units in Nashville, Tenn.; and 369 units in
Houston, Texas, for a combined $181.7 mln.
(-) BDN, (-1.3%) Prices upsized public offering of 19 mln shares
of its common stock - 1 mln share more than initially planned - at
$15.60 per share, a 3.1% discount to Monday's closing price. The
deal generated 4296.4 mln in gross proceeds.
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