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Sector Update: Financial

Posted
3/10/2014 12:49:00 PM
By: MT Newswires
Referenced Stocks:JPM;YHOO

Financial stocks were lower Monday, with the NYSE Financial Sector Index declining 0.5% and the S&P Financial 100 Index falling 0.1%.

In company news, JPMorgan Chase ( JPM ) shares were narrowly lower following reports the bank has run into problems trying to sell its One Equity Partners private equity unit.

Two people close to potential buyers told Reuters JPM has "pulled" the business off the market, while another source tells the news organization the auction process stalled after the bank raised its asking price for the unit.

JPM last July said it was spinning off One Equity because the unit was not core to its operations. A company spokesperson declined comment when contacted by Reuters.

Shares were down 0.1% at $59.34 apiece in recent trade, or 7 cents off its intra-day high. The stock has a 52-week range of $46.05 to $59.82 a share.

In other sector news,

(+) EJ, (+6.4%) Chinese real estate services company says it will spin out its Leju Holdings subsidiary through an initial public offering of stock. Separately, Leju enters into strategic pact with Tencent Holdings Ltd. to jointly develop software.

(-) DFT, (-2.2%) Yahoo! Inc ( YHOO ) notifies company it plans to sublease two of DFT's data center facilities in Ashburn, Va., to a third-party. The leases account for 11% of the company's portfolio and run through September 2015.