Markets

Financial Sector Update for 06/15/2016: IDN,PN,TAX

Top Financial Stocks

JPM +1.06%

BAC +2.45%

WFC +0.74%

C +1.60%

USB +0.53%

Financial stocks were higher in afternoon trading, with the NYSE Financial Sector Index rising about 0.6% while financial companies in the S&P 500 Index were increasing 0.9%.

In company news, Intellicheck Mobilisa ( IDN ) shares declined Wednesday after the transaction security company today priced a $2.1 million public offering of 1.2 million shares of its common stock offering at $1.75 each, a 4.3% discount to Tuesday's closing price for the stock.

The company also issued five-year warrants to buy up to 600,000 additional shares with an exercise price of $2.20 a share.

IDN shares were down almost 15% this afternoon at $1.56 each, earlier dropping to a session low of $1.45 a share.

In other sector news,

(+) PN, (+28.3%) EBIX ( EBIX ) offers to acquire the insurance carrier for $9.50 a share, a 37.3% premium over Tuesday's closing price, and paying for at least 55% of the purchase price in cash.

(-) TAX, (-1.8%) Fiscal Q4 EPS of $2.31 grows from $1.80 per share profit during year-ago profit and beating Wall Street projections by $0.08 per share. Net sales climb 5.6% to $104.4 mln, also exceeding the $103.9 mln consensus.

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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