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Financial Sector Update for 10/04/2018: BX,IBN,JEF,BRX


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Top Financial Stocks

JPM +0.66%

BAC +1.25%

WFC +1.52%

C +0.23%

USB +0.28%

Financial stocks have turned mixed again in late Thursday trading, including a 0.1% decline for the NYSE Financial Index while shares of financial companies in the S&P 500 were rising over 0.4%. The Philadelphia Housing Index was dropping over 1.5% today.

Among financial stocks moving on news:

(-) The Blackstone Group ( BX ) retreated Thursday, falling almost 4%, after the publicly owned hedge fund sponsor this morning said it will acquire Clarus, a venture-capital firm specializing in life-sciences startups. Financial terms and other details of the transaction were not disclosed. Clarus has raised around $2.6 million from limited partners since its 2005 inception, including a $910 million fund that closed last year that targets late-stage drugmakers. It will be form the bulk of Blackstone Life Sciences and will continue to be led by co-founder Nick Galakatos as managing director with offices in Boston and San Francisco.

In other sector news:

(+) ICICI Bank ( IBN ) climbed over 4% at one point on Thursday after saying Chanda Kochhar has resigned as CEO of the Indian bank company. The resignation follows Kochlar being placed on an indefinite leave on June 2 while ICICI completes a probe in alleged conflicts of interest over loans to Videocon Group, whose board chairman Venugopal Dhoot has business link with her husband, Deepak Kochhars. ICICI also said it promoted Sandeep Bakhshi to be its new CEO and managing director. Bakhshi has been leading the bank on an interim basis since June.

(+) Jefferies Financial Group ( JEF ) enjoyed nearly 5% advance at one point earlier Thursday after the brokerage and financial services firm said it is projecting fiscal Q3 net income in a range of $0.51 to $0.60 per share, up from $0.27 per share during the same quarter last year but still lagging the Capital IQ consensus by $0.13 per share. The company also said its board has approved a change in the end for its fiscal year-end to Nov. 30 from Dec. 31 currently.

(-) Brixmor Property ( BRX ) fell as much as 2% during Thursday trading after the real estate investment trust said it will recognize a $0.07 per share loss against its Q3 financial results after it prepaid $507.2 million of secured indebtedness during the just-completed quarter. The prepayments were funded with disposition proceeds, as well with the company's $1.25 billion revolving credit facility, which had $1.10 billion of borrowing capacity available on Sept. 30.

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: BX , IBN , JEF , BRX



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