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LPL Financial Surges On Possible Sale Talks

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Shares of LPL Financial Holdings Inc (NASDAQ: LPLA) surged in the final hour of trading after a report that the nation's largest independent broker dealer is mulling a possible sale.

Trading in LPL was briefly halted on a circuit breaker after seeing a spike in volatility. LPL is slightly above its 2010 IPO price level.

According to a report from Reuters, LPL is working with Goldman Sachs Group Inc (NYSE: GS) in exploring "strategic alternatives" including a possible sale, which has attracted several companies and private equity firms.

LPL Financial hit its highest level since January after the report. The stock closed at $33.01, up 6.8 percent. It was trading down about 2 percent after hours.

 

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