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Financial Sector Update for 09/28/2015: PAY,FOR,AFSI,DK

Top Financial Stocks

JPM -2.20%

BAC -2.39%

WFC -2.00%

C -2.71%

USB -2.23%

Financial stocks were ending broadly lower today, with the NYSE Financial Sector Index dropping nearly 2.5% and the S&P Financial 100 Index slipping about 2.4%.

In company news, VeriFone ( PAY ) was hanging on to a moderate advance in late Monday trading and the electronic payments processor earlier today authorizing a new, $200 million stock buyback program.

At Friday's closing price of $26.20 a share, the new authorization would result in the repurchase of around 7.63 million shares, which would reduce the number of VeriFone shares by almost 7%, based on the company's 111.12 million shares currently outstanding.

PAY shares were up under 2% at $26.60 apiece, rebounding from a mid-afternoon dip underwater to $26.07 a share, stopping 2 cents short of its 52-week low.

(+) FOR, Said James DeCosmo stepped down on Friday, Sept. 25, as CEO and will be replaced by Phillip Weber, previously chairman of the company's real estate investment committee.

(-) AFSI, Announces deal to acquire the Republic Companies Inc. and Republic Insurance Holdings from Delek Group ( DK ) for $113 mln in cash and a $105 mln four-year note bearing 5.75% yearly interest.

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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