Sector Update: Financial

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Financial stocks are higher with the NYSE Financial Sector Index rising 0.8% and the S&P Financial 100 Index also gaining 0.8%.

In company news, Kite Realty ( KRG ) is narrowly higher this afternoon at $5.79 a share, rising about 0.2% after the company this morning said it has expanded its unsecured term loan by $105 million over its former package to $230 million overall.

The LIBOR-based interest rate for the amended Term Loan was reduced by 65 basis points to a range of 1.45% to 2.45%, depending on the company's leverage levels. The operating and financial covenants for the loan were unchanged and the Feb. 21, 2019, maturity also remains in place.

In other sector news,

(-) WFC, (-0.1%) Reportedly cutting 2,300 jobs, equal to around about 20% of its mortgage-loan unit, because of slumping demand for refinancings as interest rates rise.

(-) NOAH, (-8.2% from near 52 week highs) Wealth management firm more than doubles Q2 EPS compared to last year, also topping analyst estimates by $0.04 with net income of $0.29 per share. Revenue rises 132% year over year to $44.3 mln, also beating Street view.

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

Copyright (C) 2016 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

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