Financial Sector Update for 04/18/2017: CPSS,CBL,GS

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Financial stocks slowed a portion of their steep descent from earlier today, with the NYSE Financial Sector Index falling about 0.5% while financial companies in the S&P 500 Index were dropping about 0.7%.

In company news, Consumer Portfolio Services ( CPSS ) was nudging higher in late Tuesday trading after the specialty finance company this afternoon renewed its two-year, $100 million revolving credit agreement with the Fortress group of companies.

The deal extends the company's strategy of maintaining three multi-year, $100-million warehouse lines of credit followed by an amortization period. The latest transaction allows Consumer Portfolio to borrow on a revolving basis through April 17, 2019, after which it can either repay the outstanding debt in full or allowing them to amortize over the next two year ending in April 2021.

CPSS shares were up nearly 1% in recent trade at $4.69 apiece, easing from a session high earlier this afternoon of $4.78 a share.

In other sector news,

(+) CBL, Selected to join the S&P SmallCap 600 index, effective next Monday, April 24, replacing Air Methods Corp ( AIRM ), which is being acquired by American Securities.

(-) GS, Q1 EPS of $5.15 lags Capital IQ consensus by $0.04 per share. Revenue rises 26.6% over year-ago period to $8.03 bln, also missing the $8.33 bln Street view. Increases quarterly dividend by 15.4% to $0.75 per share.

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

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This article appears in: Investing , Banking and loans
Referenced Symbols: CPSS , CBL , GS

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