Sector Update: Financials

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Financial shares were higher pre-market Tuesday ahead of new housing data and a report on consumer confidence as well as a few scheduled speeches from Federal Reserve officials.

In financial stocks news, Morgan Stanley ( MS ) shareholders are on the lookout for the U.S. Federal Reserve's approval of the Wall Street lender's share buyback plan, Reuters reported Tuesday.

Analysts and investors, however, reportedly warned that the return on equity, which has been below the 10% target since 2006, might still not be met even if the bank buys back its shares and raise dividends for the first time since the financial crisis.

MS was flat in pre-market trading Tuesday. It was trading at $32.44 apiece Monday after hours.

And, Arlington Asset Investment Corp. ( AI ) said after hours Monday that it has commenced an underwritten registered public offering of 2,750,000 shares of Class A common stock.

The company also expects to grant the underwriters an option for 30 days to purchase up to an additional 412,500 shares of Class A common stock. Barclays Capital Inc., Credit Suisse Securities and RBC Capital Markets will serve as joint bookrunning managers for the offering.



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.

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This article appears in: Investing , Commodities

Referenced Stocks: MS , AI

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