4 Financial Stock Stories Tracking on Tuesday
Barclays PLC (NYSE:BCS): Current price $17.83
This week, the United Kingdom Court of Appeal will ponder whether attempted manipulation of the benchmark interest rate Libor can invalidate loans and other deals, or indicate that banks improperly sold products that were based upon the rate. On Tuesday, the Court began a 3-day hearing looking at two separate cases brought by clients against Barclays and Deutsche Bank. It is anticipated that the body will hand down a landmark ruling later in 2013, say sources familiar with the cases. If the ruling goes against the banks, it could constitute a precedent to many other cases being filed against the industry by firms citing Libor manipulation, allowing banks to be liable to compensation claims worth billions of pounds.
Morgan Stanley (NYSE:MS): Current price $28.04
The independent investment bank Moelis & Co. on Tuesday selected a former Morgan Stanley healthcare banker to advise medical tech firms. Jon Hammack, who was responsible for the medical tech group at Morgan Stanley, will come to Moelis November 11. Prior to this, Hammack worked in the healthcare banking groups at Credit Suisse and Bank of America. At Moelis, he will join a four-person team that oversees diagnostics, services, life sciences, pharmaceuticals and biotechnology.
Invesco Ltd. (NYSE: IVZ): Current price $32.45
On Tuesday, Invesco said that, after 25 years, Neil Woodford will exit Invesco Perpetual on April 29 of next year. However, Woodford will remain responsible for all funds for which he is the named manager through a transition period during the six months before his departure. Once the transition is complete, Mark Barnett will be appointed manager of the Invesco Perpetual High Income Fund and the Invesco Perpetual Income Fund, at which time Barnett will succeed Neil as Head of UK Equities.
LPL Financial Holdings Inc. (NASDAQ:LPLA): Current price $38.70
LPL Financial, the number-one independent broker-dealer in the United States is touring sites in the Charlotte area for a new office project that would give the company some 400,000 square feet of space, said real estate sources. Besides this, inside sources say that LPL has visited sites in South Carolina as part of its process.
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