Top Financial Stocks
Financial stocks were narrowly lower in afternoon trading, including a 0.4% retreat for the NYSE Financial Index while shares of financial companies in the S&P 500 were falling 0.5%. The Philadelphia Housing Index was rising 0.1%.
Among financial stocks moving on news:
(+) Stellus Capital Investment ( SCM ) was extending its Wednesday advance, rising almost 4% after the investment manager reported FY18 net investment income of $1.42 per share, up from $1.21 during the prior year and beating the Capital IQ consensus by $0.13 per share. Total investment income also grew, climbing to $53.3 million from $39.6 million during FY17 and topping the $51.9 million analyst mean.
In other sector news:
(+) Aon ( AON ) climbed 4% Wednesday after it said "it does not intend to pursue" a business combination with rival insurance broker Willis Towers Watson ( WLTW ), less than one day after confirming early talks over a potential all-stock transaction. Aon did not provide additional information on why the potential transaction fell through.
(-) First Financial Bancorp ( FFBC ) fell 2% on Wednesday after Stephens lowered its investment recommendation for the bank holding company to equal weight from overweight previously.
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