Financial stocks are lower today with the NYSE Financial Sector
Index sinking 0.7% and the S&P Financial 100 Index falling
In company news, General Electric (
) is higher this afternoon at $23.20 a share, up 0.4%, following
reports the industrial giant is planning to spin off the consumer
lending unit of its GE Capital division.
GE likely would accomplish the spin-off through an initial
public offering, according to the Wall Street Journal. The IPO
could come as soon as early 2014 although it size has not yet been
determined, the newspaper said.
The consumer lending division has issued store credit cards for
around 55 million Americans, It earned $3.24 billion last year and
had assets of $139 billion, according to regulatory filings. GE
Capital's total assets at the end of 2012 were $539 billion.
In other sector news,
(+) RDN, (+3.4%, nearer 52 week highs) Reaches agreement with
Freddie Mac to cap expenses linked to 25,700 first-lein mortgage
loans held by the government-affiliated housing finance company at
$840 mln. The pact will cost RDN about $20 mln in Q3.
(-) IRC, (-1.5%) Amends unsecured credit facilities totaling
$360 million, up $10 mln from its prior pacts and comprised of a
four-year, $180-mln revolver extendable for an extra 12 months and
a five-year, $180-mln term loan.
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