Financial Sector Update for 12/15/2014: HGSH,CMCM,DQ,JMEI,JRJC,LEJU,CNIT,HTGC,ARCP

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Financial stocks were ending broadly lower today with the NYSE Financial Sector Index sinking over 1.4% and the S&P Financial 100 Index dropping 0.8%.

In company news, China HGS Real Estate ( HGSH ) surged Monday after the Nasdaq OMX Group Inc. ( NDAQ ) today said the real estate developer was selected to join the Nasdaq Golden Dragon China Index (^HXC), effective next Monday, Dec. 22.

Five other companies also were selected in the latest quarterly re-ranking of the index tracking U.S.-listed Chinese companies: Cheetah Mobile Inc. ( CMCM ), DAQO New Energy Corp. ( DQ ), Jumei International Holding Limited ( JMEI ), China Finance Online Co. Limited (JRJC) and Leju Holdings Limited (LEJU).

China Information Technology Inc. (CNIT) was dropped from the index.

HGSH shares were ahead more than 23% at $5.53 apiece, easing slightly from their session high of $4.95 a share. The stock has traded within a 52-week range of $2.10 to $10.50 a share, sinking nearly 20 % over the past 12 months prior to today's rise.

In other sector news,

(+) HTGC, Makes $5 mln tranche payment to ADMA Biologics after the biotech achieved clinical endpoints during Phase III testing of its RI-002 experimental treatment for Primary Immunodeficiency Disease.

(-) ARCP, CEO David Kay, Board Chairman Nicholas Schorsch and Chief Operating Officer Lisa Beeson all step down after the company in October said it inflated a common measure of profitability for real estate investment trusts during Q1 and Q2.

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 , Commodities
Referenced Symbols: HGSH , NDAQ , CMCM , DQ , JMEI

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