Financial stocks were sliding in afternoon trading, with the NYSE Financial Index dropping 0.2% while the SPDR Financial Select Sector ETF was slipping 0.6%.
The Philadelphia Housing Index, however, was climbing 0.2%.
In company news, CNB Financial (CCNE) declined 2.8% after Thursday pricing a $52.5 million public offering of 2.1 million depositary shares at $25 apiece. Each depositary share represents 1/40th of a 7.125% fixed-rate non-cumulative perpetual preferred share.
CBL & Associates Properties (CBL) fell 18% after the real estate investment trust late Wednesday said investors holding its unsecured notes maturing in 2023, 2024 and 2026 have agreed to accept $500 million of new senior secured notes due June 2028 and $50 million in cash in addition to receiving about 90% of the new common shares issued by the company in exchange for around $1.4 billion of its existing debt.
To the upside, SL Green Realty (SLG) was 2.6% higher after the real estate investment trust Thursday set a dividend of $0.295 per share for this month, unchanged from its July distribution to investors and payable Sept. 15 to shareholders of record on August 31.
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