Financial stocks were edging higher pre-bell Friday with the Select Financial Sector SPDR (XLF) recently advancing by 0.16%. The Direxion Daily Financial Bull 3X shares (FAS) were 0.95% higher and its bearish counterpart Direxion Daily Financial Bear 3X shares (FAZ) were down 0.17%.
Invesco (IVZ) is in discussions over a potential merger with State Street's (STT) asset-management subsidiary, according to media reports. Invesco was recently gaining nearly 5% in value, while State Street was up 0.7%.
Mitsubishi UFJ Financial Group (MUFG) is exploring the sale of its US banking unit MUFG Union Bank, Bloomberg News reported, citing unnamed individuals with knowledge of the matter. Mitsubishi UFJ Financial Group was up 0.3% in recent activity.
Progressive (PGR) was inactive as it booked a net loss of $0.02 per share in August, compared with net income of $0.83 per share in the same month a year before.