Sector Update: Financial

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Financial stocks are mostly lower, with the NYSE Financial Sector Index retreating 0.7% and the S&P Financial 100 Index dropping 0.5%.

In company news, Bank of America ( BAC ) is down 0.6% this afternoon at $14.52 a share with Societe Generale initiating coverage on the bank stock with a Buy rating and a $17 a share price target, citing its success with recent cost-cutting efforts.

In other sector news,

(+) ASBI, (+5.9%) Declares $0.01 per share quarterly cash dividend, payable Oct. 25 to shareholders of record on Oct. 4.

(-) MGI, (-0.7%) Acquires Athens-based Advanced ChronoCash Services and MoneyGlobe Payment Institution for undisclosed sums.



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: BAC

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