Sector Update: Financial Stocks Rocked in Day-Long Sell-Off; MOL Global Sinks in Market Debut

Top Financial Stocks

JPM -1.90%

BAC -2.48%

WFC -1.53%

C -2.40%

USB -1.28%

Financial stocks were extending their losses in late trade with the NYSE Financial Sector Index sinking about 1.9% and the S&P Financial 100 Index dropping about 1.7%.

In company news, MOL Global Inc. ( MOLG ) was falling in late Thursday trading after the Malaysian mobile payments-processor today priced its initial public offering of 7.49 million American depository shares at $12.50 apiece, trailing its expected price of $14.50 per share.

Selling shareholders offered another 11.98 million shares, including CEO Ganesh Kumar Bangah selling about 2% of his shares in company and paring his overall stake to around 6.7 million, or about 9.9% of all MOLG stock.

MOLG shares opened at $10.75, or about 14% under their IPO price, and recently were about 30% at $8.85 apiece. The stock has traded as low as $8.11 during today's session.

In other sector news,

(+) JMP, Nearly doubles stock buyback authorization to 1.5 mln shares, adding 722,112 more shares to its repurchase program.

(-) NBBC, Announces $19.8 mln deal to acquire Premier Commercial Bank ( PRCB ), which will receive $10 in exchange for each PRCB share, consisting of $7.50 in NBBC stock and $2.50 in cash.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

More Related Articles

Info icon

This data feed is not available at this time.

Sign up for the TradeTalks newsletter to receive your weekly dose of trading news, trends and education. Delivered Wednesdays.