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Sector Update: Financial

Financial stocks were slightly lower, with the NYSE Financial Sector Index sinking 0.2% and the S&P Financial 100 Index down about 0.1%.

In company news, shares of Pennsylvania Real Estate Investment Trust ( PEI ) rose Tuesday after Carlson Capital LP disclosed a 6.9% stake in the property manager, now owning more than 4.75 million PEI shares, according to a new regulatory filing.

The investment fund managed by Clint D. Carlson spent nearly $85.3 million starting on March 5 and continuing through last Thursday, May 8, to acquire the PEI shares, paying an average of $17.95 apiece. The fund said it does not plan to try to change or influence PEI management, explaining it bought the company's stock because it "represented an attractive investment opportunity."

PEI shares were ahead 1.0% at $17.78 each in recent trading, earlier climbing to a session high of $18.02 a share. The stock has a 52-week range of $14.20 to $22.54 a share, declining 13.6% in value over the past 12 months.

In other sector news,

(+) OCN, (+2.9%) Late Monday completes $350 mln private placement of 6.625% senior notes due 2019. The company received about $343.6 mln in net proceeds, which it expects to use for general corporate purposes.

(-) MBI, (-3.0%) Q1 net premiums earned decline 26.7% to $88 mln, trailing estimates by $5.45 mln. Posts net income of $256 mln, or $1.32 per share, up from $164 mln in the year-ago period and beating consensus estimates looking for a $0.06 gain.

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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