Financial Sector Update for 12/01/2017: VIRT,OCSI,YRD

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Financial stocks erased most of their Friday declines this afternoon, ending little changed, with the NYSE Financial Sector Index climbing less than 0.1% while financial companies in the S&P 500 Index sank under 0.2%.

In company news, Virtu Financial ( VIRT ) climbed to a session high of $17.40 a share on Friday following a nearly 7% advance accompanying plans by the securities market-maker to today prepay an additional $50 million in principal on an existing first-lien senior secured term loan facility.

Overall, Virtu has already pre-paid $250 million - or 57% - of the $440 million in term-loan principal the company pledged to repay before July 2019 since completing its acquisition of KCG Holdings on July 20.

In other sector news,

(+) OCSI, Reports fiscal Q4 net loss of $0.49 per share vs. net income of $0.29 per share during the same quarter last year. Net investment income of $0.19 per share matches single-analyst estimate. Total investment income falls 10.6% to $11.8 mln, topping the lone analyst's view.

(-) YRD, Chinese regulators clamp down on consumer-loan businesses, including new rules barring internet financial institutions from lending to borrowers with no income source as well as new rules to keep firms from misleading consumers into borrowing more than they can afford or lending money for stock purchases or property down payments.

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: VIRT , OCSI , YRD

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