(AIG and other stock prices brought current in this update.)
NEW YORK (
American International Group
was among the losers of the financial sector Tuesday after the insurer rejected a proposal that would lower the price of its Asian unit.
said it will not consider revisions to the $35.5 billion sale of its AIA Asian unit to
. "After careful consideration, the company will adhere to the original terms of its previously announced agreement with Prudential," AIG said in a statement.
said discussions with AIG to renegotiate the price of the AIA deal were continuing and that it "may or may not lead to a change in the terms of the combination of AIA Group Limited and Prudential."
After trading higher earlier in the day, AIG shares were lately down 50 cents, or 1.4%, to $34.88. Prudential PLC shares trading in New York were rising 7.6% to $16.79.
Most U.S. bank stocks were trading lower Tuesday afternoon.
relinquished early gains and fell 0.2% to $143.94,
slipped 0.5% to $3.94,
was down 0.8% to $26.90, and
was off 0.6% to $39.36.
On the upside,
Bank of America
remained in positive territory, advancing 0.1% to $15.76, and
was up 0.5% to $28.83.
Overseas banks were mixed despite continued concern over the European debt crisis and its impact on the global recovery.
Lloyds Banking Group
Royal Bank of Scotland
rose 2.5%, and
tacked on 2.8%.
Bank of Ireland
National Bank of Greece
was down 2.5%, and
Banco Bilbao Vizcaya Argentaria
Back in the U.S.,
shares traded higher after Stifel Nicolaus analysts upgraded the stock to buy from hold with a price target of $86, citing valuation. Separately, Visa said it has added $500 million to its litigation escrow account. Visa shares were lately up 0.6% to $72.90.
In other analyst actions, Keefe Bruyette & Woods analysts upgraded
Nasdaq OMX Group
to outperform from market perform with a price target of $24. "The current environment is good for business and we believe management has made significant strides to position its balance sheet to facilitate acquisitive growth and share repurchases," the firm said.
Nasdaq OMX shares were up 1.2% to $18.81.
shares were down 1.3% to $28.31 after KBW analysts cut their price target for the exchange to $31 from $34.
-- Written by Robert Holmes in Boston
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