Financial Sector Update for 10/05/2017: DEST,PPBI,IDN,PKY

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Top Financial Stocks

JPM +1.54%

BAC +1.83%

WFC +1.27%

C +2.00%

USB +1.51%

Financial stocks were building outsized gains, with the NYSE Financial Sector Index rising more than 0.7% while financial companies in the S&P 500 Index were adding nearly 1.3%.

In company news, Performant Financial Corp ( PFMT ) jumped 5% on Thursday, at one point touching a session high of $1.90 a share, after the payments and receivables analytics company was selected by the Centers for Medicare & Medicaid Services to exclusively identify and recover payments made by the federal office where it should not have been the primary payer for health care claims.

At full scale, the company is expecting to have more than 250 employees working from its offices throughout the country to spot situations where the primary payer should be an employer group health plan or certain other payers instead of Medicare or Medicaid. Financial terms and other details of the new contract were not immediately disclosed.

In other sector news,

(+) PPBI, (4.1+%) Selected to replace Parkway ( PKY ) in the S&P SmallCap 600 index, effective next Thursday, Oct. 12, following Parkway's upcoming acquisition by the Canada Pension Investment Board.

(-) IDN, (-15.7%) Chief financial officer Bill White become interim CEO, effective Wedneday, following the resignation of former chief executive William Roof, who agreed to retire at the request of the company's board of director.

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: PFMT , DEST , PPBI , IDN

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