Sector Update: Financial
Financial stocks are slightly higher in late trade with the NYSE Financial Sector Index climbing less than 0.1% while the S&P Financial 100 Index is ahead slightly more than 0.2%.
In company news, Fidelity National Financial Inc. ( FNF ) is up 2% at $27.63 a share shortly before the closing bell and the surety and title insurer saying it would exercise its option to further adjust the consideration mix in its planned merger with Lender Processing Services Inc. ( LPS ), increasing the amount of cash paid with a corresponding drop in the amount of stock.
Based on today's announcement, FNF will now pay 82% of the deal with cash and just 18% with shares of its common stock, up from its original plans for a 50%/50% split between cash and stock. The $33.45 per share payment for LPS stock is unchanged.
In other sector news,
(+) PFS, Climbs to new 52-week high after reporting Q3 earnings of $0.28 per share, beating the Capital IQ consensus by $0.02 per share.
(-) BSAC, Reports Q3 net income of $0.43 per ADR, trailing analyst expectations by $0.05.