Markets
BX

Financial Sector Update for 03/23/2015: GNW,BIIB,OCN,BRX,BX

Top Financial Stocks

JPM -0.74%

BAC -0.44%

WFC -0.26%

C -0.55%

USB -0.02%

Financial stocks were narrowly mixed this afternoon with the NYSE Financial Sector Index climbing about 0.1% and the S&P Financial 100 Index dropping about 0.1%.

In company news, Genworth Financial Inc. ( GNW ) was climbing Monday after analysts at Raymond James today raised the stock to a Strong Buy from Outperform, maintaining a $12 price target for shares of the structured-payments company.

In a new research note, Raymond James analyst Steven Schwartz wrote GNW investors "were receiving a free option on" Biogen Idec's ( BIIB ) BIIB037 prospective Alzheizer's treatment, explaining that "about 50% of Genworth's long-term care insurance claims payments are for Alzheimer's or other forms of dementia."

"If - and it's a big if - BIIB037 is successful, then the results for Genworth's long-term care business could be significant," Schwartz said.

GNW shares recently were up almost 6% at $7.81 each, earlier rising to a session high of $7.93 a share. Thge stock has traded within a 52-week range range of $6.75 to $18.74 a share, slipping more than 42% over the past year prior to today's rebound.

BIIB was down about 2.5% at $463.94 a share in afternoon trade, earlier sinking to a session low of $462.80 a share.

In other sector news,

(+) OCN, (+5.8%) Issued rebuttal letter to trustees stating the company is well positioned to handle the special demands of servicing subprime loans. Letter is in response to notice of alleged non-performance delivered Jan. 23.

(-) BRX, (-1.3%) Launched secondary offering of 22.5 mln shares by shareholders affiliated with Blackstone's ( BX ) Retail Transaction II Holdco LP, trimming its ownership stake to 125 mln shares, or 43% of its outstanding stock, from 49.3%.

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

BX BIIB GNW

Other Topics

Commodities

Latest Markets Videos