Sector Update: Financial

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Financial stocks were paring some of their earlier losses with the NYSE Financial Sector Index declining 0.4% and the S&P Financial 100 Index falling 0.7% in late trade.

In company news, Glimcher Realty Trust ( GRT ) shares were higher Thursday after analysts at MLV & Co. began coverage of the real estate investment trust with a Buy recommendation and a price target of $13 a share.

GRT shares were up 1.5% at $9.65 each in late trade, regaining some of its early strength that lifted the stock to a $9.72 inter-day high. The stock has a 52-week range of $8.38 to $13.34 a share.

In other sector news,

(+) DLR, Launches guaranteed nine-year notes through a British subsidiary. Proceeds will be used to temporarily repay debt owed under its global revolving credit facility as well as funding potential property acquisitions and developments.

(-) C, Federal Reserve rejects the bank's plan to boost its dividend by 400% to $0.05 per share or buying back $6.4 bln of its stock through the end of next March, the second time in three years the Fed has turned down its capital plan.



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This article appears in: Investing , Commodities

Referenced Stocks: GRT

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