Sector Update: Financial Shares Mixed Pre-Market; JP Morgan Selling Physical Commodities Business
Top Financial Shares:
Financial shares were mixed in pre-market session Wednesday ahead of a policy announcement from the Federal Open Market Committee.
In financial stocks news, JPMorgan ( JPM ) has agreed to sell its physical commodities business to Swiss trade house Mercuria for $2.5 billion, Reuters reported Wednesday.
The details of the transaction weren't clear yet. But the U.S. investment bank reportedly valued its physical commodities business at $3.3 billion when it first put it up for sale in October due to rising regulatory and political pressure.
And, Fortress Investment Group ( FIG ) is teaming up with hedge fund Pantera
Capital in a new investment venture, Pantera Bitcoin Partners, which buys and sell virtual currencies, the New York Times reports.
FIG is flat at $7.97, trading in a 52-week range of $561 to $9.16.