Dj Keycorp Stock Underperforms Friday When Compared To Competitors

Financial stocks were lower late Friday afternoon, with the NYSE Financial Index down 0.6% and the Financial Select Sector SPDR Fund (XLF) shedding 0.9%.

The Philadelphia Housing Index dropped 1.1%, and the Real Estate Select Sector SPDR Fund (XLRE) slipped 0.9%.

Bitcoin (BTC/USD) fell 1.5% to $94,275, while the yield for 10-year US Treasuries rose 4 basis points to 4.62%.

In economic news, data released by the US Census Bureau showed that the US advance international trade in goods deficit widened to $102.86 billion in November from $98.26 billion in October, a bigger gap than the $101.2 billion deficit expected in a survey compiled by Bloomberg.

In corporate news, Source Capital said its board approved a special distribution of almost $2.66 per share in December after the company realized "substantial capital gains" in 2024. Its shares were fractionally lower.

Brookfield Asset Management and co-investors bought a 53% stake in French renewables developer, Neoen, for 39.85 euros ($41.53) a share, Bloomberg reported. Brookfield shares fell 1.5%.

LM Funding America shares added over 4% after the company said it has ordered 270 S21+ mining machines from Bitmain.

KeyCorp shares shed 1.2%. The firm said that the Bank of Nova Scotia closed the purchase of about $2 billion of KeyCorp's shares. Bank of Nova Scotia shares were little changed.

Financial stocks were lower in Friday afternoon trading with the NYSE Financial Index and the Financial Select Sector SPDR Fund (XLF) both falling 1%.

The Philadelphia Housing Index dropped 1.3%, and the Real Estate Select Sector SPDR Fund (XLRE) shed 0.8%.

Bitcoin (BTC/USD) fell 1.3% to $94,537, and the yield for 10-year US Treasuries rose 3.2 basis points to 4.611%.

In economic news, data released by the US Census Bureau showed the US advance international trade in goods deficit widened to $102.86 billion in November from $98.26 billion in October, a bigger gap than the $101.2 billion deficit expected in a survey compiled by Bloomberg.

In corporate news, Brookfield Asset Management and co-investors bought a 53% stake in French renewables developer Neoen for 39.85 euros ($41.53) a share, Bloomberg reported. Brookfield shares fell 1.8%.

LM Funding America shares popped 3% after it said Friday it has ordered 270 S21+ mining machines from Bitmain.

KeyCorp shares shed 0.9% after it said Friday that the Bank of Nova Scotia closed the purchase of about $2 billion of KeyCorp's common shares. Bank of Nova Scotia shares fell 0.2%.

180 Life Sciences priced a $2.9 million at-the-market direct offering of stock and warrants and a concurrent private placement, the biotechnology company said on Friday. 180 Life Science issued 1.2 million shares priced at $2.41 apiece along an equal number of warrants exercisable anytime over the next 66 months at $2.28 per share.

180 Life Sciences recently were down by 21%, recovering modestly from a 27% decline earlier in Friday's session. Around 392,000 shares have traded so far on Friday compared with a daily average of more than 2.3 million shares.

Brookfield Asset Management and co-investors reportedly have purchased a 53% stake in French renewables developer Neoen, paying 39.85 euros ($41.53) per share. Brookfield and its partners now expect to begin a tender offer to acquire the remaining shares in Neoen, according to a Bloomberg report on Friday.

Brookfield Asset Management shares recently were down by nearly 2%, staying close to their intra-day low of $54.17 apiece. Trading volume was light, with around 200,000 shares exchanged compared with a daily average of over 992,000 shares per day.

KeyCorp said on Friday that Bank of Nova Scotia now owns about 15% of the bank's common stock following a $2 billion stock sale with the Canadian banking company.

KeyCorp shares recently were down about 1%. Investors have exchanged more than 2.3 million Keycorp shares compared with an average of 9.4 million shares daily.

By Robb M. Stewart

Shares on Canada's main exchange were lower Friday, though the market was on track for a modest gain in a holiday-shortened week.

In midday trading, the Toronto Stock Exchange's S&P/TSX Composite Index was 0.5% lower at 24716.33, as technology and mining stocks weighed. That has the index set for a gain this week of 0.5%.

The blue-chip S&P/TSX 60 was down 0.5% at 1482.45.

Constellation Software was among the biggest drags on the Toronto market, falling 1.1% to C$4,497.31.

Among mining stocks, B2Gold was 1.3% lower at C$3.54 and Hudbay Minerals lost 1.1% to C$11.74.

The major banks were mixed, with Bank of Montreal and Bank of Nova Scotia each up 0.5% but Canadian Imperial Bank of Commerce 0.8% weaker and National Bank of Canada down 0.5%. Scotiabank announced it completed a roughly $2 billion investment in KeyCorp, securing an almost 15% stake in the Ohio-based lender.

Write to Robb M. Stewart at robb.stewart@wsj.com