Top Financial Stocks
Financial stocks were ending mostly lower, with the NYSE Financial Sector Index declining about 1.0%, matching the slide for financial companies in the S&P 500 Index at 1.0%.
In company news, KeyCorp ( KEY ) was somewhat lower in late afternoon trading Wednesday, and the Cleveland-based regional bank chain today saying its shareholders have voted overwhelmingly in favor of its proposed merger with the Buffalo-based First Niagara Financial Group.
Neither bank provided exact numbers but said the vote at both companies drew support of more than 90% of all the shares cast. The deal - first announced last October - still needs to clear several regulatory hurdles, with the banks expecting to close sometime during the three months ending Sept. 30.
KEY shares were down almost 1.5% at $11.24 apiece, bouncing back from a prior slide to $9.88 a share. FNFG shares also were lower, slipping about 1.1% to $9.82, well above its $9.45-a-share session low.
In othe sector news,
(+) NDAQ, Reduced to Outperform from Strong Buy at Raymond James.
(-) IDN, Narrows Q4 net loss ot $0.16 per share, compared with a $1.24 per share loss during the same quarter last year. Revenue rises 36.4% from last year to $1.5 Analyst estimates were not available for comparison.
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