Top Financial Stocks
Financial stocks were declining in afternoon trading, including a slim 0.1% drop for the NYSE Financial Index while shares of financial companies in the S&P 500 were falling just over 0.3%. The Philadelphia Housing Index also fell nearly 0.6%.
Among financial stocks moving on news:
(+) Banco Macro ( BMA ) rose as much as 6% on Friday, bouncing back from a more than 1% mid-morning decline, after the Argentina-based bank company refuted local media reports a hig-profile financier and the private secretary of the country's former president used company aircraft on at least 10 flights to fly back and forth to Uruguay. The two men reportedly used two airplanes and a helicopter on different legs of those trips, according to a joint investigation by the La Nacion and El Pais, although in a regulatory filing with the U.S. Securities and Exchange Commission late Thursday, Banco Marco chief financial officer said the bank has never owned a helicopter, making it "not possible for those flights to have ever occurred."
In other sector news:
(+) Megalith Financial Acquisition Corp. (MFAC.U) was nearly 1% higher during Friday trading, establishing a new all-time high of $10.15 per unit for the recently minted blank check company looking to acquire and run a financial technology or financial services firm after saying underwriters working its August 24 initial public offering fully exercised their overallotment option to buy nearly 1.93 million of its equity units at $10 apiece and boosting gross proceeds from the deal to $169.3 million. Each unit consists of one Class A common share and one warrant to buy an additional share at $11.50 apiece.
(-) Jefferies Group LLC ( JEF ) was extending its decline on Friday, dropping almost 3%, after reporting declines in its fiscal Q3 net income and revenue compared with year-ago levels. The investment bank and brokerage company earned $60.2 million during the three months ended August 31 compared with a $83.8 million profit during the same quarter last year. Revenue declined 2.9% year-over-year to $777.6 million. Analyst estimates were not available for comparison.
(-) First Horizon National Corp ( FHN ) has turned narrowly lower in recent trade, giving back a nearly 1% gain previously in Friday trading that followed the bank holding company selling one of its bank branches in Nashville's Hillsboro Village neighborhood to OTC-listed First Farmers and Merchants Corp ( FFMH ). The new office marks First Farmers' second branch location in Nashville and is expected to reopen under its new name before the end of the yea.
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