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Financial Sector Update for 06/22/2016: PAY,CLBH,FNBC,AXP

Top Financial Stocks

JPM +0.13%

BAC +0.31%

WFC -0.31%

C 0.00%

USB +0.57%

Financial stocks were narrowly higher this afternoon, with the NYSE Financial Sector Index climbing 0.2% while financial companies in the S&P 500 Index were gaining 0.1%.

In company news, VeriFone Systems Inc ( PAY ) was advancing during Wednesday trading after the electronic payments company today announced a new strategic alliance with Wirecard, a local company in Indonesia to rapidly expand the point-of-sale market in Asia Pacific, beginning with that country.

Under terms of the five-year partnership, the companies hope to bring together their respective technology portfolio and geographic strengths, including Wirecard's PT Prima Vista Solusi and locally established Verifone teams to market payment systems.

PAY shares were up more than 5% this afternoon at $19.49 each, easing slightly from a session high of $15.60 in recent trade.

In other sector news,

(+) CLBH, (+14.5%) Agrees to $97.3 mln buyout offer from First Bancorp ( FBNC ), which will swap either 1.002 of a share or $20 in cash for each CLBH share.

(-) AXP, (-0.3%) Announced changes to its chargeback policy, saying it won't hold merchants adopting EMV chip technology in their point-of-sale systems liable for counterfeit fraud for transactions under $25.

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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