Top Financial Stocks
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.