Financial stocks were down slightly, including a more than 0.3% decline for the NYSE Financial Index while the shares of financial companies in the S&P 500 were down 0.2%. The Philadelphia Housing Index was dropping 0.8%.
Among financial stocks moving on news:
(-) Banco Santander-Chile (BSAC) declined 4% on Friday. A new regulatory filing showed the Chilean bank company purchased all of the shares of Santander Consumer Chile SA shares previously owned by SK Berge Financiamiento SA, boosting its stake in the auto loan company to 51% compared with just 2% of its shares prior to Wednesday's transation.
In other sector news:
(+) St. Joe (JOE) rose 7% on Friday after the the real estate developer was selected to replace insurance underwriter RLI (RLI) next Thursday in the S&P SmallCap 600. RLI is moving up to the S&P MidCap 400 index, taking the place of rival insurer WR Berkley (WRB), which was selected to replace Viacom (VIA,VIAB) in the S&P 500 following its purchase by CBS (CBS).
(-) Charles Schwab (SCHW) declined fractionally after a regulatory filing Friday showed the discount broker Friday would pay a $950 million termination fee to TD Ameritrade (AMTD) if their $26 billion merger proposal fails to close by Nov. 24, 2020. The companies Monday announced an all-stock buyout offer, with investors receiving 1.0837 of a Schwab share for each of their existing TD Ameritrade shares.
Price: 21.62, Change: -0.88, Percent Change: -3.91
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