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Financial Sector Update for 10/03/2018: AMTD,TRI,TRI.TO,KKR,SIR,GOV


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Top Financial Stocks

JPM +0.94%

BAC +1.47%

WFC +1.04%

C +0.79%

USB +1.12%

Financial stocks were ending broadly higher in afternoon trading, including a nearly 0.3% gain for the NYSE Financial Index while shares of financial companies in the S&P 500 were advancing over 0.8%. The Philadelphia Housing Index (^HGX) was falling just under 1.0%.

Among financial stocks moving on news:

(+) TD Ameritrade Holding ( AMTD ) was nearly 2% higher in late Wednesday trading after the securities broker said it made an undisclosed strategic investment in ErisX, a regulated derivatives exchange and clearing company also providing access to digital asset futures and cryptocurrency spot contracts on a single platform. TD Ameritrade said the deal is intended to help meet customer demand for increased access to digital currency products.

In other sector news:

(+) Thomson Reuters (TRI,TRI.TO) was nearly 6% higher in late trade after the financial data and news company said investors holding a combined $539.5 million of either its 4.30% notes maturing in November 2023 or its 4.50% notes coming due in May 2043 tendered those securities by Tuesday's 5 p.m. ET early deadline. Investors owning three other series of notes also tendered another $695.9 million of those note, increasing the total principal amount of the notes tendered to nearly $1.24 billion or almost double the $650 million the company set aside for the tender offer. Reuters reported preliminary results for its $9 billion stock buyback program, with shareholders tendering $6.5 billion of their stock by the Oct. 2 deadline.

(+) KKR & Co LP ( KKR ) was ending almost 3% higher on Wednesday, easing slightly from a recent session high that followed the private-equity investor saying it has closed on its acquisition of BMC Software from a private investor group led by Bain Capital and Golden Gate Capital together with GIC, Insight Venture Partners and Elliott Management. Financial terms of the transaction were not disclosed.

(-) Select Income REIT ( SIR ) dropped over 9% on Wednesday after the real estate investment trust late Tuesday disclosed plans for a secondary public offering of 24.92 million shares of its common stock now owned by the Government Properties Income Trust ( GOV ). If completed, the upcoming stock sale would liquidate Government Properties' entire 27.8% stake in Select Income REIT, ending its tenure as the company's largest institutional investor it has held since July 2014.

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: AMTD , KKR , SIR , GOV , TRI



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