4 Financial Stock Stories Making Midweek Moves
Goldman Sachs Group Inc. (NYSE:GS): Current price $157.61
On Tuesday, Goldman Sachs raised $226 million by selling stock in TCS Group Holding Plc’s initial public offering, cashing out close to two-thirds of its interest in the Russian consumer lender. The investment bank, through its ELQ Investors II division, sold 12.9 million of its 21 million shares, shrinking its stake from 12 percent to 4.5 percent. A Goldman spokesman would not comment. Senior banking analyst Jason Hurwitz at Alfa Bank observed Wednesday in a phone interview that, “There’s nothing sinister here. It is not the first time Goldman Sachs has shown greater foresight than other investment banks.”
American International Group Inc. (NYSE:AIG): Current price $51.96
As AIG shares soared on Tuesday to their highest trading levels since 1985, after The Travelers Cos. posted a better-than-anticipated third-quarter profits, Sterne Agee questioned whether the shares deserved the boost they received. John Nadel, along with three other analysts at Sterne Agee, released a research note asking why AIG would show a stronger reaction than did Travelers. Moreover, they say that the firms do not overlap in all areas of practice and many of the segments in which Travelers benefited in the most recent quarter, are neither equal in size nor profitability at AIG.
Wells Fargo & Co. (NYSE:WFC): Current price $42.83
The number-one domestic mortgage lender has appointed James H. Quigley to its board, bringing the total members to 15. Quigley, who is a former partner at Deloitte LLP, will join the board immediately, according to a Wednesday Wells Fargo statement. He will serve on the audit and examination committee.
Citigroup Inc. (NYSE:C): Current price $50.15
Citi’s Securities and Fund Services arm, acting through Citibank N.A., has been selected by international distribution and outsourcing group Bunzl plc, as the successor depositary bank for its sponsored Level 1 American Depositary Receipt program. Bunzl’s ADR program trades in the domestic over-the-counter market under the symbol BZLFY. Each receipt represents 5 ordinary shares. Bunzl’s ordinary shares are listed and trade on the London Stock Exchange under the symbol BNZL.