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Sector Update: Financial

By: MT Newswires
Posted: 11/4/2013 3:55:00 PM
Referenced Stocks: CLDT;UBS

Financial stocks are ending little changed in afternoon trade with the NYSE Financial Sector Index down about 0.1% while the S&P Financial 100 Index is up about 0.1%.

In company news, shares of Chatham Lodging Trust ( CLDT ) is up 8.6% shortly before the closing bell at $20.38 apiece, holding near its all-time highs after the hotel-focused real estate investment trust today received a conditional buyout proposal from BlueMountain Capital Management.

The $21.50-per-share offer is subject to due diligence, financing, negotiation of satisfactory agreements and other conditions.

CLDT also is scheduled to report financial results for its fiscal Q3 after tonight's market close, with Wall Street anticipating the company to report per-share funds from operations of $0.46 on $34.16 million in revenue.

In other sector news,

(+) RLGY, Earns $1.03 per share in Q3, ex items, beating expectations by $0.16. Revenue rose 21.2% year over year to $1.55 bln, exceeding consensus view by about $70 mln.

(-) CS, Swiss politicians reportedly are considering increases of up to 10% in the minimum leverage ratios for the country's banks. Current rules call for 4% within five years. ADS of UBS AG ( UBS ) also are lower today.