Markets
USB

Sector Update: Financial Stocks Mixed This Afternoon; Deutsche Bank Near 2-Year Lows on Offering Plans, Investor Lawsuit

Top Financial Stocks

JPM +0.33%

BAC -0.51%

WFC +1.04%

C -0.67%

USB +1.31%

Financial stocks were narrowly mixed this afternoon with the NYSE Financial Sector Index slipping less than 0.1% while the S&P Financial 100 Index was up about 0.2%.

In company news, American depository shares of Deutsche Bank ( DB ) fell to a nearly two-year low Friday after the German bank late yesterday proposed selling nearly 300 million new shares as part of its ongoing efforts to boost its capital reserves.

Shares also are being pressured by institutional investors Blackrock ( BLK ) and Pimco moving forward with a lawsuit against DB and U.S. Bancorp ( USB ) over their roles as trustees overseeing the payments on more than $2 trillion in residential mortgage securities. Other defendents in the case include Wells Fargo ( WFC ), Citigroup ( C ), HSBC Holdings (HSBC) and the Bank of New York Mellon (BK).

DB shares last traded at $36.74 each, declining about 3.3% and holding just 6 cents above its session low, with the stock hovering at some of its lowest levels since early September 2012. Overall, the stock has fallen 9% over the past 12 months.

In other sector news,

(-) JRJC, (-1.7%) Narrows Q1 net loss attributable to the financial data services company by 53% compared with year-ago levels to $2.0 mln. Net revenue rise 321% year over year to $23.2 mln. No analyst estimates were available for comparison.

(-) EXL, (-4.5%) Prices public offering of 11 mln shares of its common stock at $13.25 apiece, a 4.8% discount to Thursday's closing share price. The deal raised $145.75 mln in gross proceeds before underwriter discounts and other expenses.

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.

In This Story

USB DB BLK WFC C

Other Topics

Commodities

Latest Markets Videos