Top Financial Stocks
Financial stocks are rising Friday morning, often outpacing their moderate gains during Thursday's regular session.
In economic news:
Import and export prices for June will be reported at 8:30 am ET, with expert opinion expecting export prices to rise 0.3% over the prior month and import prices to climb 0.1%, slowing considerably from a 0.6% advance for both metrics over the previous two months.
The preliminary reading for consumer sentiment in July is expected to improve slightly from its already lofty levels, with analysts polled by Econoday, on average, expecting a rise of 0.2 percentage points over June's final reading to a 98.4 score this month, benefitting from an ongoing assessment of current conditions remaining very strong.
Among financial stocks moving on news:
= New York REIT ( NYRT ) early Friday said Wendy Silverstein was stepping down as chief executive officer, president and board member in addition as an officer or manager of all the company's subsidiaries and affiliated entities. John Garilli was selected to assume the responsibilities of the CEO and president and will also continue as chief financial officer.
In other sector news:
= Brown & Brown ( BRO ) late Thursday declared a quarterly cash dividend of $0.075 per share, unchanged from its most recent distribution to investors and payable Aug. 15 to shareholders of record on Aug. 8. Brown & Brown shares slipped about 0.2% in after-hours trading.
= Apollo Global Management ( APO ) was steady in Friday's pre-market trading amid reports the asset manager and its CEO, Leon Black, are being sued by Caldera Holdings in a dispute over control of American Equity Investment Life Holding ( AEL ). In a complaint filed in the New York Supreme Court and obtained by Reuters, Caldera accused Apollo of conducting a campaign of "systematic defamation and interference" as well as "disparaging the company in the marketplace." Apollo, through its life insurance unit, and Caldera have been bidding for control of American Equity and the lawsuit alleges Apollo has prevented Caldera from competing for the annuities and life insurance carrier, fueling division between the company and its investors. Caldera is seeking at least $1.5 billion in damages, according to the filing.