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Financial Sector Update for 05/06/2015: WSH,MGI,CEQP,CMLP

Top Financial Stocks

JPM -0.90%

BAC -1.07%

WFC -0.98%

C -1.18%

USB -0.46%

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.

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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