Financial Shares Maintaining Rally Late; Cherry Hill Mortgage Slumps In Market Debut
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Financial stocks still are rising heading into today's close with the NYSE Financial Sector Index climbing 0.7% and the S&P Financial 100 Index adding 0.8%.
In company news, Cherry Hill Mortgage Investment Corp. ( CHMI ) is down 8.4% at $18.33 in late Friday trading after the residential real estate finance company earlier priced an initial public offering of 6.5 million shares of common stock at $20 each.
The company will operate as a real estate investment trust and expects to use proceeds from the offering to acquire interests in mortgage servicing rights and mortgage backed securities issued or guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae.
In other sector news,
(+) TKF, Approves tender offer beginning Oct. 21 for up to around 610,000 - or 10% - shares of the Morgan Stanley ( MS )-affiliated fund at 98.5% of its net asset value per share the day after the tender offer expires.
(+) SUNS, Acquires Gemino Healthcare Finance from affiliates of EDG Partners and certain Gemino executives. Financial terms of the transaction were not disclosed.