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

Top Financial Stocks

JPM -1.4%

BAC -1.5%

WFC -1.9%

C -1.9%

USB -1.7%

Financial stocks were dragging the broader U.S. markets lower this afternoon, with the NYSE Financial Sector Index sinking 0.5% (^NYK) while financial companies in the S&P 500 Index ( XLF ) were dropping over 1.4%.

In company news, CME Group ( CME ) was narrowly lower in late Thursday trading, trying to recoup earlier gains that followed the futures and options markets company today announcing the expansion of its foreign exchange offerings with six FX monthly futures contracts beginning Feb. 27.

The new contracts are intended to provide traders with access to the front months of the FX forward curve as well as the capital and operational benefits of trading listed futures, the company said.

CME shares were near flat at $115.53 apiece, recovering from a mid-day slide to $114.90 a share, which followed a 1.2% advance to $116.91 a share shortly after today's opening bell.

In other sector news,

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

(-) MC, 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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