Markets

Financial Sector Update for 09/29/2015: EQIX,PNX,TICC,TSLX

Top Financial Stocks

JPM -0.95%

BAC -0.78%

WFC -0.08%

C -0.37%

USB -0.20%

Financial stocks were little changed Tuesday, swinging between small gains and losses, with the NYSE Financial Sector Index inching 0.1% lower while the S&P Financial 100 Index recently was falling less than 0.1%.

In company news, Equinix ( EQIX ) was slightly lower this afternoon after declaring Monday night a special dividend of $10.95 per share as part of the data-center company's conversion into a real estate investment trust earlier this year.

The $627 million distribution includes estimated foreign earnings and profits repatriated as well as other taxable income resulting from changes from the company's pre-conversion accounting methods. The dividend will be paid Nov. 10 to shareholders of record on Nov. 8.

EQIX shares were down about 0.4% at $269.45 apiece, giving back an earlier 0.4% run higher to $271.50 a share.

In other sector news,

(+) PNX, (+151.7%) Agrees to $217.2 mln buyout deal by Nassau Reinsurance Group offering $37.50 per share in cash, a 188% premium over Monday's closing price. Transaction expected to close in early 2016.

(-) TICC, (-2.2%) Muzinich & Co. becomes second investor group wanting to dump Benefit Street Partners buyout proposal and instead hire investment banker to seek deal. TICC urges shareholders to reject competing $7.50-per-share bid by TPG Specialty Lending ( TSLX ).

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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