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MBI

Sector Update: Financial Stocks Paring Moderate Gains; MBIA Climbing Following Upgrade

Top Financial Stocks

JPM +0.62%

BAC +0.23%

WFC +0.28%

C +0.56%

USB +0.34%

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, MBIA Inc. ( MBI ) rose Wednesday after the mortgage insurance issuer today received an upgrade to Hold from Sell at TheStreet.com, citing the company's strengths across multiple areas.

TheStreet.com touted MBIA's "robust" revenue growth and improving profits in recent quarters but also said the company also displays certain weaknesses such as higher debt management risk, weak operating cash flow and a disappointing performance by the stock itself.

MBI shares were up about 4.5% at $9.52 apiece, earlier advancing to a session high of $4.64 a share. The stock has traded within a 52-week range of $9.03 to $15.26 a share, slipping just less than 25% over the past 12 months.

In other sector news,

(+) HCN, 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.

(-) NCT, Prices $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 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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