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Financial Sector Update for 01/05/2017: CACC,MA,MC

Top Financial Stocks

JPM -1.54%

BAC -1.79%

WFC -2.25%

C -2.13%

USB -1.69%

Financial stocks were dragging the broader U.S. markets lower this afternoon, with the NYSE Financial Sector Index sinking nearly 1.0% while financial companies in the S&P 500 Index were dropping over 1.6%.

In company news, Credit Acceptance Corp ( CACC ) declined Thursday after saying Donald Foss stepped down as chairman of the board at the consumer lending company, effective on Tuesday, Jan. 3.

The company also said it has no current plans to name a new board chairman or appoint another member to fill the board vacancy created by Foss' retirement this week. Instead, the Credit Acceptance board will be led by Thomas Tryforos, its lead director and the head of the board's audit committee.

CACC shares were down over 5% at $208.92 each, rebounding somewhat from its recent session low of $207.88 a share.

In other sector news,

(+) MA, (+0.4%) RBC Capital Markets upgrade to Top Pick from Outperform. Price target increases by $15 to $130 a share.

(-) MC, (-4.2%) Launches public offering of 5 mln shares of Class A common stock, upstaging the company boosting next dividend by $0.05 to $0.37 per share and forecasting Q4 revenue between $196 mln to $200 mln, exceeding Capital IQ consensus by at least $26 mln.

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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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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