Markets

Sector Update: Financial

Financial stocks were slightly higher Monday with the NYSE Financial Sector Index climbing 0.2% and the S&P Financial 100 Index ahead about 0.3%.

In company news, American Spectrum Realty ( AQQ ) was higher Monday in its first day of trading in over two months after the property management said it expects to pocket a $4 million gain during its fiscal Q2 following the sale of two office buildings in Houston by its ASR-Fountainview Place LP subsidiary.

Shares recently were up 5.6% at $1.69 apiece, adding 9 cents a share, and with the stock trading within a 52-week range of $1.10 to $2.83 a share. The company last week successfuly emerged from Chapter 11 bankruptcy protection, with three subsidiaries completing voluntary reorganizations in response to to foreclosures sought by creditors of debt secured by four of its real estate assets.

The ASR-Fountainview assets totaled 175,423 square feet in Houston's Galleria neighborhood near the intersection of Fountain View Drive and Westheimer Road. AQQ purchased the buildings in December 2012. The company in June also agreed to sell 14 properties valued at around $55.5 million back to Dunham & Associates Holding, which also assumed around $8.1 million in debt connected with the properties and surrendered $47.4 million in AQQ Series B 8% cumulative preferred stock.

The bankruptcy proceeding stayed foreclosure attempts until an arrangement was reached to pay all creditors.

In other sector news,

(+) RLGY, (+5.4%) Q2 EPS of $0.59 beats analyst estimates by $0.03 per share. Revenue declines 1.4% year over year to $1.51 bln, topping consensus by around $20 mln.

(-) EVR, (-7.6%) Plans to acquire ISI International Strategy & Investment and the 40% stake in its Institutional Equities business it doesn't already own for 8 mln shares of its stock - worth about $401 mln at Friday's closing price.

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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