Markets

Financial Sector Update for 10/10/2018: FBTF,FRME,JPM,IVZ

Top Financial Stocks

JPM -0.97%

BAC -0.67%

WFC -0.07%

C -0.66%

USB +0.50%

Financial stocks were declining in afternoon trading, including a nearly 1.1% drop for the NYSE Financial Index while shares of financial companies in the S&P 500 were falling more than 1.1%. The Philadelphia Housing Index was posting a nearly 0.6% retreat.

Among financial stocks moving on news:

(+) MBT Financial Corp ( MBTF ) raced to an 11-year high Wednesday, rising almost 9% to its best share price since June 2007 at $12.49, after the firm agreed to an $290.9 million stock-swap with First Merchants Corp ( FRME ). MBT Financial investors will receive 0.275 shares of First Merchants common stock for each share they now own, valuing MBT Financial at $12.57 a share, or 9.3% above MBT Financial's closing stock price Tuesday night. The deal is expected to close during the first three months of 2019.

In other sector news:

(-) JP Morgan Chase ( JPM ) was declining Wednesday afternoon, retracing most of a more than 1% slide on plans to redeem all $350 million of its zero-coupon cash-settled exchangeable bonds due 2021. It also is planning a $150 million offering of new cash-settled exchangeable bonds due 2021.

(-) Invesco ( IVZ ) dropped to its lowest share price since December 2011, falling less than 1% to an intra-day low of $21.51 a share after the firm reported a 0.7% decline in assets under management on Sept. 30 compared with the end of the previous month, falling to $980.9 billion from $988.0 billion in managed assets on August 31.

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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FRME IVZ JPM

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