Top Financial Stocks
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Financial stocks have turned broadly mixed in late afternoon trading, including a nearly 1.1% decline for the NYSE Financial Index while shares of financial companies in the S&P 500 were rising slightly more than 0.1%. The Philadelphia Housing Index also was up just over 0.1%.
Among financial stocks moving on news:
(+) Net Element ( NETE ) still was 3% higher Thursday afternoon, giving back over half of its 12% morning advance that followed the electronic payments processor saying it acquired selected cash-flow assets from Argus Merchant Services and Treasury Payments LLC for a combined $1.42 million. The acquired assets are expected to generate "well over $4 million in gross profits" over the next four years, Net Element said.
In other sector news:
(+) Great Elm Capital Corp ( GECC ) climbed about 5% on Thursday after the business development company declared a special dividend of $0.24 per share, payable Jan. 30, to shareholders of record on Dec. 28.
(+) Visa ( V ) added 1% on Thursday after the credit-card issuer announced its GBP198 million purchase of British-based payments processing firm Earthport for GBP0.30 per share in cash, or about $250 million overall.
(-) Independent Bank Group ( IBTX ) dropped almost 1% on Thursday after the bank holding company and Guaranty Bancorp ( GBNK ) said they will move forward with completion of their $1 billion, all-stock merger on Jan. 1. Under terms of the upcoming transaction, investors will receive 0.45 of an Independent share for each Guaranty share they now own.
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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.
