Top Financial Stocks
Financial stocks were moving off their session lows late in Wednesday trading, with the NYSE Financial Sector Index slipping 0.7% and the S&P Financial 100 Index also declining about 0.8%. Moneygram ( MGI ) rallied today after Bloomberg reported the money-transfer company was in early-stage merger talks with Western Union ( WU ).
In company news, Willis Group Holdings plc ( WSH ) was set to finish Wednesday with a small decline after the British insurance broker was reduced to Sell from Neutral in a new research report today at Goldman Sachs.
The downgrade follows the Willis Group last week reported adjusted Q1 earnings of $1.26 per share, trailing analyst estimates by $0.11 per share. Total revenue also slipped 0.9% from year-ago levels to $1.087 billion, lagging the Street consensus by around $73 million.
WSH American depository shares were down almost 1% at $47.41 apiece, earlier sinking to a session low of $46.07 a share. The stock has traded within a 52-week range of $39.11 to $49.96 a share, rising slightly more than 20% over the past year before today's dip.
In other sector news,
(+) MGI, Reportedly in early-stage talks with Western Union ( WU ) about a prospective buyout, people with knowledge of the matter tell Bloomberg.
(-) CEQP, Proposes $3.5 bln buyout of Crestwood Midstream Partners LP ( CMLP ) in a bid to simplify its corporate structure. The deal values CMLP at $18.75 per unit, with unitholders receiving 2.75 CEQP units for each unit they now own.
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