Top Financial Stocks
Financial stocks continued to advance this afternoon, including a 0.4% gain for the NYSE Financial Index while shares of financial companies in the S&P 500 were rising nearly 1.1%. The Philadelphia Housing Index was ahead almost 0.5%.
Among financial stocks moving on news:
(+) Blackstone Group ( BX ) was ahead 4.5% on Monday after the private-equity investor reportedly was nearing a deal with CarVal Investors for its $1.1 billion portfolio of Spanish mortgages, according to Bloomberg news, citing sources familiar with the matter. Minnesota-based Carval beat rival bids from Goldman Sachs ( GS ) and hedge fund Elliott Management Corp, the news outlet said.
In other sector news:
(+) Jack Henry & Associates ( JKHY ) was nearly 2% higher in late trade after the payments processor said it bought privately held Geezeo for an undisclosed amount. Jack Henry is expecting to sell Geezeo's financial management tools to its core bank and credit union clients and to its non-core clients supported by its ProfitStars division.
(+) Credicorp ( BAP ) was fractionally higher in recent trading. The Latin American bank company Monday said it was acquiring a 74.5% majority stake in Columbian microfinance firm Banco Compartir SA for around COP254.8 billion, or about $80 million.
(-) Deutsche Bank ( DB ) turned narrowly higher again this afternoon, retracing most of a modest morning gain. The struggling German lender is expecting to meet July 7 to discuss a major restructuring that could result in up to 20,000 jobs being cut, according to a Reuters report. Separately, the bank also plans on bulking up its businesses with more stable revenue streams like wealth management.
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