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 The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: KRG

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