Financial Stocks: Financials gain; NYSE off as Nasdaq’s bid rejected


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By Greg Morcroft
, MarketWatch

NEW YORK (MarketWatch) — Shares of U.S. financial bonds rose Monday, holding a heading purpose in lifting a broader indexes, nonetheless a primogenitor of a New York Stock Exchange fell as it deserted a aloft of competing buyout bids, observant it wasn’t in shareholders’ long-term interests.

NYSE rejects Nasdaq-ICE bid

Why NYSE Euronext spurned a aloft partnership bid, valued during $11.3 billion, in preference of station by agreement with Germany’s Deutsche Boerse.

The Financial Select Sector SPDR ETF
/quotes/comstock/13*!xlf/quotes/nls/xlf
(XLF
16.47,
+0.01,
+0.06%)


, that marks a financial bonds in a SP 500, combined 0.5%.

Among a 4 financial bonds in a Dow Jones Industrial Average, Bank of America Corp.
/quotes/comstock/13*!bac/quotes/nls/bac
(BAC
13.46,
-0.02,
-0.15%)


, J.P. Morgan Chase Co.
/quotes/comstock/13*!jpm/quotes/nls/jpm
(JPM
47.03,
+0.19,
+0.41%)


, American Express Co.
/quotes/comstock/13*!axp/quotes/nls/axp
(AXP
46.35,
+0.07,
+0.15%)


  and Travelers Cos.
/quotes/comstock/13*!trv/quotes/nls/trv
(TRV
60.61,
+1.03,
+1.73%)


 all rose.

But shares of NYSE Euronext
/quotes/comstock/13*!nyx/quotes/nls/nyx
(NYX
37.91,
-0.79,
-2.04%)


, that owns a princely New York Stock Exchange and has operations in Europe, fell 0.6% after it rigourously deserted on Sunday an offer from Nasdaq OMX Group
/quotes/comstock/15*!ndaq/quotes/nls/ndaq
(NDAQ
28.04,
-0.41,
-1.43%)


 and IntercontinentalExchange Inc.
/quotes/comstock/13*!ice/quotes/nls/ice
(ICE
120.78,
+0.23,
+0.19%)


.

The house of NYSE Euronext deserted an unsolicited, $11.3 billion takeover offer from Nasdaq OMX Group Inc. and IntercontinentalExchange Inc., nonetheless analysts on Monday voiced a faith that a office competence press on around a antagonistic bid.

In spurning a latest counterbid Sunday, a owners of a New York Stock Exchange endorsed a joining to a formerly designed partnership with Germany’s Deutsche Boerse AG.

“We trust this is an approaching growth for NDAQ ICE, and we doubt this will finish their office … that could continue as a antagonistic attempt,” analysts during Macquarie Securities told clients on Monday.

Rich Repetto, researcher with Sandler O’Neil Partners, reason a identical view.

”Given a knowledge in antipathetic proposals that both ICE CEO Jeff Sprecher and Nasdaq CEO Bob Greifeld possess, we would be really astounded if a dual CEOs led with their ‘first, best, and final offer,’ nonetheless a strange offer was not increasing (yet),” Repetto told clients. See latest on NYSE Euronext takeover conflict and either a serve partnership bid competence be in a cards.

U.K. Banks were active on Monday, rising opposite a house after a supervision expelled proposals that pronounced they should reason significantly some-more collateral and take stairs to “ring-fence” their sell banking units from riskier operations, nonetheless shouldn’t be forced to mangle themselves up.

Read Marketwatch coverage of due U.K. bank reforms.


/quotes/comstock/13*!xlf/quotes/nls/xlf

Financial Select Sector… (XLF)



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Bank of America Corp (BAC)



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JPMorgan Chase Co (JPM)



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47.03


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American Express Co (AXP)



$
46.35


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Travelers Companies Inc (TRV)



$
60.61


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NYSE Euronext Inc (NYX)



$
37.91


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-2.04%
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/quotes/comstock/15*!ndaq/quotes/nls/ndaq

NASDAQ OMX Group Inc (NDAQ)



$
28.04


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1.23m
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/quotes/comstock/13*!ice/quotes/nls/ice

IntercontinentalExchange Inc (ICE)



$
120.78


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Greg Morcroft is MarketWatch’s financial editor in New York.



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