Sector Update: Financial Stocks Slump in Tuesday Trading

Tuesday, January 7, 2020 2:19 PM | MT Newswires

Top Financial Stocks

JPM -1.63%

BAC -0.73%

WFC -1.03%

C -0.74%

USB -0.76%

Financial stocks were retreating in afternoon trading, with the NYSE Financial Index dropping more than 0.5% while the shares of financial companies in the S&P 500 were falling almost 0.6%. The Philadelphia Housing Index was falling 0.1%.

Among financial stocks moving on news:

(-) Blucora (BCOR) was fractionally lower after announcing plans to acquire investment advisor HK Financial Services for $160 million. The company also said Davinder Athwal will step down as chief financial officer on Jan. 31.

In other sector news:

(-) National Health Investors (NHI) was narrowly lower after saying it will own 80% of a property joint venture it is forming with an affiliate of privately held Life Care Services to buy and operate a retirement community in suburban Seattle. National Health also will have a 25% share of an operating partnership, with the companies expecting to close on their $133 million purchase of Timber Ridge at Talus by the end of January.

(-) Alexandria Real Estate Equities (ARE) fell 3.8% on Tuesday after the real estate investment trust priced a $930 million forward-sale transaction of 6 million common shares at $155 apiece, representing a 3.7% discount to Monday's closing price. The company expects to use the net proceeds to fund pending and recently completed acquisitions as well as the construction of its development projects.

Price: 25.71, Change: -0.01, Percent Change: -0.04

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