Markets

Financial Sector Update for 03/12/2018: APAM,CG,DB

Top Financial Stocks

JPM -0.53%

BAC +0.28%

WFC -0.20%

C +0.11%

USB -0.51%

Financial stocks were edging lower Monday afternoon, with the NYSE Financial Sector Index slipping just over 0.1% while financial companies in the S&P 500 Index were falling more than 0.3%. The Philadelphia Housing Sector Index also was rising nearly 0.3%.

In economic news:

In a light day for economic data, the US Treasury will issue its February budget at 2 pm ET, with expert opinion looking for a $216.0 billion deficit for last month compared with a $49.2 billion surplus in January as the nation's coffers show some of the first indications of the impact of federal tax cuts late last year.

Among financial stocks moving on news:

+ Artisan Partners Asset Management ( APAM ) was edging lower Monday afternoon, previously climbing over 1% after the investment manager late Friday reported a 15.5% year-over-year increase in its assets under management during February, rising to $117.2 billion from $101.5 billion at the end of February 2017. Separate accounts accounted for $59 billion of total firm assets under management while Artisan Funds and Artisan Global Funds accounted for $58.2 billion, the firm said.

In other sector news:

+ The Carlyle Group L.P ( CG ) was fractionally higher on Monday, easing from a nearly 3% gain to a session high of $23.65 a share soon after the opening bell that followed analysts at Citgroup raising their investment ratings for the private-equity firm to Buy from Neutral.

- Deutsche Bank ( DB ) has turned narrowly lower Monday afternoon, drifting off a 0.25% rise during the first 30 minutes of the session after disclosing plans to raise as much as $2.2 billion, or about EUR1.8 billion, through an initial public offering of 40 million shares, or about 20% of the common stock by its DWS asset management unit. In addition to the base offering, Deutsche also may sell 4.8 million shares - or about 2.4% of the firm - from its indirect holdings if there was "particularly strong demand." It may make available in the offering an additional 5.2 million shares, a 2.6% stake, from its indirect holdings to cover potential over-allotments. The IPO is expected to price between EUR30.00 to EUR36.00 per share.

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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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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