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Sector Update: Financial Stocks Climbing in Afternoon Trade; Newcastle Investment Slips After Pricing Offering at 1.7% Discount

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Financial stocks were mostly higher today with the NYSE Financial Sector Index up about 0.6% and the S&P Financial 100 Index rising about 0.5%.

In company news, Newcastle Investment ( NCT ) fell Wednesday after the property manager priced a $176 million public offering of 40 million shares of its common stock, or about $4.40 per share, a 1.8% discount to Tuesday's closing price.

The offering is expected to close on next Monday, Aug. 18, and plans to use the net proceeds to acquire senior housing properties.

NCT shares were down 2.1% at $4.39 apiece, or 4 cents above its session low. The stock has traded within a 52-week range of $4.29 to $5.14 a share, still holding on to a 1.5% advance for the company's shares over the past 12 months.

In other sector news,

(+) HCN, (+2.0%) Announces plans to acquire the outstanding units of HealthLease Properties REIT for C$14.20 per unit in cash, or around $950 mln, including assumed debt.

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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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