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ARI

Financial Sector Update for 03/14/2018: ARI, ADC, PUK

Top Financial Stocks

JPM, -1.2%

BAC, -0.8%

WFC, -1%

C, -1.4%

USB, -0.9%

Financial stocks were weaker at mid-day, with the NYSE Financial Sector Index (NYK) down 0.5%, while financial companies in the S&P 500 Index ( XLF ) were down 0.8%. Elsewhere, the Philadelphia Housing Sector Index ( HGX ) was down 1.2%.

In economic news:

The 0.6% rise in January business inventories after a larger-than-expected upward revision in December to 0.6% (originally 0.4%) beat the 0.5% consensus. That included a 0.7% retail inventory rise that undershot the 0.8% increase from the advance indicator report after a 0.3% December rise.

The 0.2% February producer price index (PPI) headline and core price were in line with estimates after big 0.4% gains for both in January thanks to a second month with a firm 0.3% services price rise. Otherwise there were the expected 0.5% drop in energy prices with a 0.4% food price decline, though "core" goods prices rose 0.2%.

February retail sales fell 0.1 % versus the 0.4% expected increase while the ex-auto component was also light, up 0.2% versus the 0.4% expected. The 0.3% January decline was revised higher to -0.1%, and the unchanged sales ex-auto figure was nudged up to 0.1% (while the December numbers were lowered). Sales excluding autos, gas, and building materials edged up 0.1% versus the prior flat print.

Among financial stocks moving on news today:

+ ADRs of Prudential plc ( PUK ) were more than 5% higher after the company reported a year-over-year increase in its annual earnings and unveiled a plan to split its European and UK businesses from its international operations.

In other sector news:

- Agree Realty ( ADC ) has priced its public offering of 3 million shares of common stock at $48 per share in connection with a forward sale agreement. The company also granted the underwriters a 30-day option to purchase up to an additional 450,000 shares of common stock. The offering is expected to close on March 16.

- Apollo Commercial Real Estate Finance ( ARI ) said it priced 13.5 million shares for gross proceeds of approximately $243.0 million. It has granted the underwriters a 30-day option to purchase up to an additional 2.025 million shares of common stock. The offering is expected to close on March 16.

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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