Financial Sector Update for 11/16/2016: OXLC,MDLY,FSB

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Top Financial Stocks

JPM -2.26%

BAC -1.98%

WFC -2.05%

C -1.57%

USB -1.99%

Financial stocks were sharply lower this afternoon, with the NYSE Financial Sector Index sinking over 1.0% while financial companies in the S&P 500 Index were posting a 1.4% retreat.

In company news, Oxford Lane Capital ( OXLC ) advanced to a 13-month high on Wednesday after the asset manager this morning reported fiscal Q2 core net investment income more than doubling year-ago levels.

Q2 core net investment income jumped to $0.71 per share during the three months ended Sept. 30, improving on $0.33 per share reported during the same period last year. Net asset value grew 13.2% to $9.94 per share at the end of the quarter compared with the end of the prior reporting period.

OXLC shares were up nearly 3% at $11.57 each, previously topping out today at their best price since October 2015 at $11.80 a share.

In other sector news,

(+) MDLY, (+6.4%) Ladenburg Thalmann upgrade to Buy from Neutral. Also establishes $11 price target.

(-) FSB, (-7.9%) Prices upsized $62.4 mln offering of nearly 2 mln shares of common stock at $32 apiece, an 11% discount to Tuesday's closing price. Deal sold an additional 325,000 shares above original plan for 1.63 mln shares.

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 , MDLY , FSB

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