Financial Sector Update for 09/22/2017: DDR,EFX,CIA

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Financial stocks were narrowly mixed Friday afternoon, with the NYSE Financial Sector Index climbing less than 0.1% while financial companies in the S&P 500 Index were slipping nearly 0.2%.

In company news, shares of DDR Corp ( DDR ) were holding on to a narrow gain Friday afternoon, slipping somewhat from a more than 1% advance to a session high of $9.34 apiece that followed the real estate investment trust that owns and manages retail shopping centers in Puerto Rico today saying it may be several weeks before it can fully assess damage from hurricane Maria this week to its properties.

The eye of the Category 4 storm slammed ashore Wednesday morning on the southeastern corner of the commonwealth with winds reaching 155 miles per hour while flooding inundated large sections of the capital, San Juan. The damage destroyed much of the island's power grid, leaving almost all of Puerto Rico without electric power, while debris has made roadways almost impossible for travel.

DDR had ownership stakes in 149 shopping center properties on June 30, down two from the beginning of the year, according to its most recent quarterly report. The company carries property, casualty, flood and business interruption insurance for those locations, it said Friday, although damage to roads and infrastructure is preventing it from determining the extent or the economic cost of damage at this time.

In other sector news,

(+) EFX, (+4.7%) Wells Fargo upgrade to Outperform from Market Perform.

(-) CIA, (-4.8%) Former CEO, board chairman and company founder Harold Riley dies on Thursday. He was 89.

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: EFX , CIA

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