The Phoenix Companies Higher On Reports Of Exploring Sale

The Phoenix Companies PNX is moving higher by 14.34 percent on Wednesday's trading due to a report from Reuters that Phoenix has hired Goldman, and Sandler O'Neill and Partners to explore a sale. The company launched the sales process earlier this month, contacting potential buyers. No valuation is mentioned in the Reuters report. However the price action may be justified as GFI Group GFIG was up by 37.5 percent earlier this morning as a result of a buyout. The two companies are fundamentally different, but both are in financial services.