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Financial Sector Update for 08/23/2016: CCI,CHFC,CSH,EGRX


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Financial stocks were easing from their prior session highs on Tuesday, with the NYSE Financial Sector Index posting a 0.5% gain while financial companies in the S&P 500 Index were advancing about 0.3%.

In company news, Crown Castle International Corp ( CCI ) was narrowly higher Tuesday after the real estate investment trust late yesterday priced a $700 million offering of 2.25% senior notes due 2021 at 99.972% of par and yielding 2.256% in yearly interest.

Net proceeds will be used to buy back all of the company's 2.381% senior secured notes due 2017 as well as to pay down a portion of its senior unsecured revolving credit facility.

CCI shares were up less than 0.1% at $93.75 each, slipping from the stock's session high of $94.30 a share.

In other sector news,

(+) CHFC, (+1.8%) Selected to replace SuperValu ( SVU ) in the S&P MidCap 400 index, effective after the close of trading next Wednesday, August 31.

(-) CSH, (-0.6%) Dropped from the S&P SmallCap 600 index and replaced by Eagle Pharmaceuticals ( EGRX ), effective Sept. 1.

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: CCI , EGRX , CHFC ,



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