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Sector Update: Financial

Financial shares were higher in pre-market trade Friday ahead of retail-sales data and weekly jobless claims numbers. Investors expect consumer spending to have increased in May.

In financial stocks news, American Realty Capital Properties ( ARCP ) said it executed of a purchase and sale agreement to sell its multi-tenant shopping center portfolio for $1.975 billion in cash to a joint venture between affiliates of Blackstone Real Estate Partners VII and DDR Corp. ( DDR ).

The sale is expected to close by Q3 2014. ARCP trades in a 52-week range of $11.76 to $15.44, having hit the low in Wednesday's session. ARCP was up 0.4% in pre-market trade Thursday.

And, Axis Capital ( AXS ) shares were downgraded to sell from neutral at Goldman Sachs. AXS trades in a 52-week range of $41.82 to $49.75.

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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