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Financial Sector Update for 03/21/2016: JMI,ARR,IHS,MRKT,OXLC


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Top Financial Stocks

JPM -0.07%

BAC +0.29%

WFC +0.22%

C +0.10%

USB +0.05%

Financial stocks have continued to whittle away at their mid-morning lows, with the NYSE Financial Sector Index dropping about 0.2% while financial companies in the S&P 500 Index also were slipping about 0.2%.

In company news, Javelin Mortgage ( JMI ) continued its upward trajectory on Monday after would-be suitor ARMOUR Residential REIT (AAR) today finalized its tender offer for Javelin shares at $7.18 apiece.

The tender offer is slated to expire a minute before midnight on April 1, ARMOUR said today. The company first went public with its bid for Javelin on March 2.

JMI shares were up about 1% at $7.15 each, staying within 2 cents of their session high. ARR shares also were higher, rising about 2.5% in late trade to $21.29 apiece.

In other sector news,

(+) MRKT, Agrees to $13 bln all-stock buyout offer from IHS Inc ( IHS ), with Markit shareholders owning 43% of the combined companies, to be known as IHS Markit and moving its headquarters to London to take advantage of lower UK tax rates.

(-) OXLC, Board authorizes a new stock buyback program for up to $25 mln of its outstanding Series 2023 7.50% term preferred stock and for another $25 mln of its Series 2024 8.125% term preferred stock.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.



This article appears in: Investing , Banking and loans
Referenced Symbols: ARR , OXLC



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