Financial Shares Mainly Higher Pre-Market

Financial shares were higher ahead of opening bell Friday following the report that U.S. employment dropped 33,000 in September due to hurricanes Harvey and Irma. Forecasts had called for a 75,000 increase in nonfarm jobs, but estimates may not be comparable because of the uncertainty surrounding the impact of the storms. The unemployment rate, which was not affected by the storms, fell to 4.2% from 4.4%– the lowest level since December 2000.

In sector news, Annaly Capital Management (NLY) was down 2.7% after it said that it has priced a public offering of 65 million shares, for expected gross proceeds of $780 million before deducting estimated offering expenses. The offering is expected to close on or about Oct. 11. Annaly said it has granted the underwriters a 30-day option to purchase up to an additional nearly 9.8 million shares of common stock. The company plans to use net proceeds to buy targeted assets under the company’s capital allocation policy.

In other sector news,

(-) SYF (-0.8%) Bank of America downgrades shares to Neutral from Buy