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Financial Sector Update for 09/14/2015: MN,FXCM,LUK,BCBP

Top Financial Stocks

JPM -0.59%

BAC -0.65%

WFC +0.12%

C -0.63%

USB -0.57%

Financial stocks were ending moderately lower this afternoon, with the NYSE Financial Sector Index slipping 0.5% and the S&P Financial 100 Index falling 0.4%.

In company news, shares of asset manager Manning & Napier ( MN ) stumbled to a new, all-time low on Monday after the company's stock was cut to Market Perform from Outperform in a downgrade today at Raymond James.

No price target information was available for the stock.

MN shares were down over 12% at $7.29 apiece, earlier sinking to a worst-ever $7.18 a share. Over the past year, the stock already had dropped nearly 52% through Friday's close.

In other sector news,

(-) FXCM, Completes $38 mln sale of its FXCM Asia Limited subsidiary to Rakuten Securities. Transaction proceeds will repay another $33 mln owed under its $310 mln credit agreement with Leucadia, with $195 mln still outstanding.

(-) BCBP, Launches $40 mln public offering of its common stock. Net proceeds will be used for working capital and maintaining capital and liquidity ratios as well as possibly repaying debt or funding acquisitions.

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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