Sector Update: Financial

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Financial stocks are lower with the NYSE Financial Sector Index sinking 1.4% and the S&P Financial 100 Index off 1.5%.

In company news, Green Dot Corp ( GDOT ) is down about 3.6% at $24.45 a share in late trade, climbing back near its best levels of the day after CoBank filed a formal notice of opposition with the U.S. Patent & Trademark Office against GDOT's trademark application for its new "GoBank" bank account service.

CoBank asserts it has owned several well-established trademarks using "CoBank" and has been doing business using those trademarks for over 24 years. It believes GDOT's plan to market a "GoBank" service "is likely to cause confusion or deceive" potential customers.

GDOT also has been pressured today by a downgrade by Compass Point, dropping the stock to Neutral from Buy.

In other sector news,

(+) CCCR, Extends post-IPO rally to a second day, adding to yesterday's 91.5% gain for the Chinese microlender.

(-) MPW, Prices public offering of 10 mln shares at $12.75 each. It also is planning a $150-mln offering of senior notes due 2022, with proceeds used to fund the purchase of three acute-care hospitals from IASIS Healthcare.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: GDOT

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