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Financial Sector Update for 08/10/2016: OXLC,COTV,AB, AIG


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Financial stocks were moderately lower in mid-day trade Wednesday, with the NYSE Financial Sector Index falling about 0.3% while financial companies in the S&P 500 Index were dropping nearly 0.6%.

In other sector news, Oxford Lane Capital ( OXLC ) shares were trading higher Wednesday after the asset manager this morning reported its Q2 financial results, including core net investment income of $19.5 million, or $1.04 per share, up from $0.74 per share during the same quarter last year.

Oxford also saw its net asset value grow 25% over the previous quarter to $8.78 per share which trailed its net asset value of $11.33 per share at the end of the April-to-June period last year. No analyst estimates were available for comparison.

OXLC shares were up nearly 8% this afternoon at $10.47 apiece, easing from a prior session high of $10.74 a share.

In other sector news,

(-) COTV, (+8.1%) Reports Q2 net income of $0.37 per share beating the Capital IQ Consensus by $0.07 per share. Revenue grows 18.8% over the year-ago period to $158.3 mln, topping the $146.68 mln consensus.

(-) AB, (-0.1%) Sees little change in its preliminary assets under management on July 31 from prior month, rising $2 bln to $492 bln. Experiences $1.1 billion in institutional outflows last month as AIG ( AIG ) reduces hedge fund exposure and begins managing its alternative assets in-house.

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 , ETFs
Referenced Symbols: OXLC , AIG , COTV , AB


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