Sector Update: Financial Stocks Advance Premarket Monday

MT Newswires Live
Oct 06

Financial stocks were advancing premarket Monday, with the Financial Select Sector SPDR Fund (XLF) up 0.3%.

The Direxion Daily Financial Bull 3X Shares (FAS) was up 1.1% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 1% lower.

Fifth Third Bancorp (FITB) and Comerica (CMA) said they agreed to merge in an all-stock deal valued at $10.9 billion. Shares of Comerica were up nearly 15% pre-bell.

Banco Bilbao Vizcaya Argentaria (BBVA) has filed a complaint against rival Sabadell with the Spanish market regulator, accusing it of trying to obstruct the 17 billion euro ($19.83 billion) hostile takeover proposal, the Financial Times reported. BBVA shares were down nearly 1% premarket.

Ares Management (ARES) stock was up more than 1% after the company said a fund it manages acquired a 49% stake in a 10-asset US clean energy portfolio from EDP Renovaveis that values the portfolio at roughly $2.9 billion.

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