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.

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

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