Markets

Financial Sector Update for 01/26/2017: FCH,MGI,VRTS

Top Financial Stocks

JPM +0.76%

BAC +0.43%

WFC +0.72%

C -0.71%

USB +0.93%

Financial stocks were ending slightly higher, with the NYSE Financial Sector Index adding about 0.1% while financial companies in the S&P 500 Index climbed about 0.2% in afternoon trade.

In company news, FelCor Lodging Trust ( FCH ) was hanging on to a solid advance shortly before Thursday's closing bell following reports the real estate investment trust is talking with several potential buyers about a possible deal.

The talks were in their at early stages and there is no guarantee a transaction will be completed, people familiar with the matter told the Wall Street Journal. The company now has a market capitalization of around $1.18 billion, up from $1.09 billion entering Thursday's session, according to New York Stock Exchange data.

FCH shares were up nearly 3% at $8.16 apiece this afternoon, retracing some of a 4% climb to a session high of $8.28 a share soon after the initial reports..

In other sector news,

(+) MGI, Agrees to $880 mln buyout offer by Chinese online retailer Alibaba's ( BABA ) Ant Financial unit, which will pay $13.25 per share in cash for each MGI share, a 11.5% premium over Wednesday's closing price.

(-) VRTS, Begins concurrent public offerings of $100 million each of its common stock and mandatory convertible preferred stock. Net proceeds, plus available cash and possible borrowings, will fund purchase of RidgeWorth Investments.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

BABA VRTS MGI

Other Topics

Banking

Latest Markets Videos

    MTNewswires

    Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

    Learn More