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Sector Update: Financial

By: MT Newswires
Posted: 9/30/2013 3:46:00 PM
Referenced Stocks: BPY;CME

Financial stocks are broadly lower this afternoon with the NYSE Financial Sector Index sliding 0.7% and the S&P Financial 100 Index falling 0.9%.

In company news, CME Group Inc. ( CME ) is lower this afternoon and the futures and options exchange saying it has signed a non-binding letter of intent with technology company 6fusion to explore development of an Infrastructure-as-a-Service Exchange.

Under the terms of the letter, the companies will work together to explore the development of an open marketplace for trading financial contracts based on 6fusion's Workload Allocation Cube, which measures consumption and capacity of compute, network and storage resources.

CME is down 1.6% at $73.66 a share in late trade.

In other sector news,

(+) BPO, Brookfield Property Partners ( BPY ) proposea a tender offer for "any or all" BPO shares it already doesn't own for $19.34 apiece. BPO shareholders also have the choice of receiving one BPY limited partnership unit.

(-) IMH, Announces plans to re-enter the residential warehouse lending business through its new Impac Warehouse Lending division, which is now accepting applications.