New York, NY (
) -- Insurance companies ended the week flat.
shed 0.62% ending at $17.70 a share at the closing bell. The change seemed miniscule compared to its more than 6 percent drop the day before, after the insurer revealed a $2.7 billion stock offering.
This would be its second share offering in less than a year, triggering capital concerns and speculation over possible acquisitions.
slipped 0.57% to $52.38. Earlier in the week Warren Buffet revealed that he had been holding 27,000 shares of Travelers at the end of the third quarter.
shares fell by 1.57% to $35.10. AIG will be selling off its fund management arm next month, according to a regulatory filing. The business has been managing $88.7 billion as of June and will be sold to Hong Kong billionaire Richard Li's Pacific Century for $500 million.
The company is also trying to sell a Taiwan subsidiary to a Hong Kong Consortium, but may have hit a regulatory snag.
fell 0.88% to $33.90. On Wednesday the Financial Industry Regulatory Authority announced that the company and its affiliates had been slapped with a $1.2 million fine for their failure to monitor broker's emails.
One broker under lax supervision had stolen $6 million from clients, the authority said.
fell 0.63% to land at $47.67 after naming a new treasurer and controller. A few days before Prudential announced that Robert Falzon CFA, currently Managing Director, CEO of Prudential Real Estate Investors, Europe, and head of Global Merchant Banking, was named Treasurer.
Meanwhile, John Fleurant, who currently serves as CFO of U.S. Businesses, was named Prudential's Controller.
took a different path and ticked up .59% to $44.10. Morgan Stanley has upgraded the company to "overweight" citing the ability to start delivering sales growth and ROE expansion in 2010.
-- Reported by Andrea Tse in New York.
Follow TheStreet.com on
and become a fan on
Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.