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Financial Sector Update for 02/09/2016: LM, BCS

Top Financial Shares:

JPM: -0.6%

BAC: -0.6%

WFC: -0.1%

C: -0.8%

USB: -0.3%

Financial shares closed lower on Tuesday after December wholesale inventories ticked down 0.1% to $582 billion from revised November data. This was the third-straight month that inventories declined as companies work through unsold merchandise that's plagued manufacturing for the past year.

In financial stocks news, Legg Mason ( LM ) dropped to the lowest level since late 2012 after the company reported preliminary assets under management (AUM) of $651.5 billion as of January 31, 2016, down from 671.5 million in December 2015.

Shares in the company closed 2.0% lower at $25.93. The company has traded between $25 and $59.19 over the past 52 weeks.

And Barclays ( BCS ) ADRs slumped to the lowest level since April 2009 after the lender announced Paul Compton has been appointed group chief operating Officer.

Shares in the company closed 4.0% lower at $9.14. The company has traded between $8.98 and $18.05 over the past 52 weeks.

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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