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Financial Sector Update for 12/21/2016: NRF,CLNY,NSAM,TINY,NYCB,AF


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Top Financial Stocks

JPM +0.11%

BAC -0.31%

WFC -0.55%

C +0.07%

USB -0.49%

Financial stocks continued to edge lower this afternoon, with the NYSE Financial Sector Index falling about 0.3% while financial companies in the S&P 500 Index dropping about 0.2%.

In company news, shares of Northstar Realty ( NRF ) rose late Wednesday after shareholders of the commercial real estate firm late yesterday voted to approve its proposed merger with Colony Capital ( CLNY ) and NorthStar Asset Management Group ( NSAM ).

The combined companies will be named Colony NorthStar and are expected to trade under the CLNS ticker. The merger is slated to close next month.

NRF shares were up about 1.5% at $15.47 this afternoon, easing from an earlier advance to $15.60 a share. CLNY shares were up almost 2% at $20.90 while NSAM shares also were holding on to a 1.9% gain at $15.11 each.

In other sector news,

(+) TINY, Proposes splitting the venture investing firm into two entities: a closed-end fund to be named 180 Degree Capital as well as HALE.life, a new operating company solely focused on investing in high-growth precision health and medicines businesses.

(-) NYCB, Hit with downgrade to Underperform at FBR & Co after terminating proposed merger with Astoria Financial ( AF ). FBR also trims price target by $2 to $15 while Morgan Stanley lowers call to Equal-Weight and Raymond Jame reduces the stock to Market Perform.

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: CLNY ,



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