Financial Shares Working to Reclaim Earlier Gains; CME Group Plans 5-for-1 Stock Split
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Financial stocks are mixed this afternoon with the NYSE Financial Index now trading 0.40% lower while the S&P Financial 100 Index has turned positive in recent minutes, rising 0.07%.
In company news, CME Group ( CME ) shares are up nearly 3% today with the exchange operator declaring a 5-for-1 stock split, saying it hopes a lower stock price will appeal to a more diverse mix of investors. The split will take the form of a 400% stock dividend to be paid on July 20 to shareholders of record on July 10.
Separately today, CME announced plans to expand trading hours at the Chicago Board of Trade for grains and oilseed futures on the days when the U.S. Department of Agriculture issues major crop reports.
Open out-cry floor trading would now open at 7:20 a.m., or slightly more than two hours ahead of the traditional 9:30 a.m. open on days the USDA reports World Agricultural Supply and Demand Estimates, crop production, prospective planting and acreage.
The expanded trading would affect corn, soybeans, wheat, soybean meal, soybean oil, oats and rough rice futures and options. Open-outcry trading would continue to close at 1:15 p.m.