Shares of RCS Capital Corp , a network of independent brokerages, rebounded by 11 percent on Wednesday, after it said that companies that have suspended sales of some of its products "are likely to reinstate the selling agreements."On Tuesday, LPL Financial Holdings joined several other independent brokerage firms in suspending sales of nontraded REITs and other products sponsored by RCS and American Realty Capital Properties.The announcements sent RCS shares plunging 20.3 percent on Tuedsday. That followed a decline of more than 16 percent on Monday after RCS dismantled a deal to purchase an asset management firm from American Realty that it had said would add more than $100 million to its profit in 2015.RCS also asserted on Wednesday it had no management and accounting overlap with American Realty Capital Properties , which one week ago said it fired two senior executives because of accounting irregularities that will require it to restate earnings..
American Realty Capital Properties, Inc., is a real estate investment trust (REIT). Shares of ARCP traded higher by 5.09% or $0.415/share to $8.56. In the past year, the shares have traded as low as $7.38 and as high as $14.96. On average, 18116400 shares of ARCP exchange hands on a given day and today's volume is recorded at 15035870.
RCS Capital Corporation is a holding company. The Company is engaged in the business of wholesale broker-dealer, investment banking and capital markets business, a transaction management services provider and a transfer agent. Shares of RCAP traded higher by 8.98% or $0.98/share to $11.89. In the past year, the shares have traded as low as $10.80 and as high as $39.98. On average, 833698 shares of RCAP exchange hands on a given day and today's volume is recorded at 2365638.
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