Ally Financial Up In Premarket As Government Exits Stake

Shares of Ally Financial Inc. rose 3.7% in premarket trade Friday, after the lender announced late Thursday that the Treasury Department launched an offering to sell its remaining shares in Ally. Once the shares are sold, Ally will exit the Troubled Asset Relief Program, or TARP. Separately, Ally on Thursday said it had received a subpoena from the Justice Department asking for information on its subprime automotive lending practices, The Wall Street Journal reported. The remaining Treasury stake of 54,926,296 shares is worth $1.249 billion at Thursday's closing price of $22.75. Ally said that prior to this transaction, the Treasury has received $18.3 billion on a $17.2 billion investment in Ally.