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Financial Sector Update for 10/01/2015: WFC,GE,FXCM,HASI

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Top Financial Stocks

JPM -0.67%

BAC -1.22%

WFC -0.72%

C -0.73%

USB -1.10%

Financial stocks were mostly lower, with the NYSE Financial Sector Index dropping about 0.5% and the S&P Financial 100 Index were down almost 0.8%.

In company news, Wells Fargo & Co. ( WFC ) was slipping in Thursday trading after the financial services company acquired General Electric's railcar finance, leasing and fleet management business for an undisclosed amount.

The purchase of GE Railcar Services will add more than 77,000 railcars and slightly more than 1,000 locomotives to Wells Fargo's First Union Rail unit, along with the associated operating and long-term leases to its existing fleet. The deal is expected to close by the end of March.

WFC shares were down about 0.5% at $51.08 apiece. The stock price had been little changed over the past 12 months prior to Thursday's dip, falling just 0.1%.

GE shares also were lower this afternoon at $24.84 each, declining about 1.5%.

In other sector news,

(+) FXCM, (+820.7%) Completes 10-for-1 reverse stock split. Reports a "small number" of unauthorized wire transfers from customer accounts by a self-proclaimed hacker who claimed in an email to have gained access to client data.

(-) HASI, (-3.0%) Completes $110.5 mln offering of 4.28% sustainable yield bonds due 2034, with the A-rated notes secured by a portion of its utility-scale solar- and wind-power real estate assets.

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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