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Financial Sector Update for 12/02/2015: STOR, ONDK, JPM, RCAP

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Top Financial Stocks

JPM -0.70%

BAC Unchanged

WFC -0.50%

C -0.55%

USB -0.36%

Financial stocks were paring some of their earlier declines Tuesday, with the NYSE Financial Sector Index falling 0.5% and the S&P Financial 100 Index dropping 0.3%.

In company news, STORE Capital ( STOR ) retreated Wednesday after the real estate investment trust this morning priced a $308 million follow-up offering of 14 million shares of its common stock at $22.00 each, a 4.6% discount to yesterday's closing price for the stock.

The company said it plans to use $99 million in net proceeds from the deal to repay outstanding debt owed under its unsecured credit facilities, with any remaining proceeds used to fund potential property acquisitions.

STOR shares were down more than 1% at $22.75 each this afternoon, previously sliding to a session low of $22.27 a share.

In other sector news,

(+) ONDK, (+34.0%) Confirms strategic partnership with J.P. Morgan Chase ( JPM ) on a new type of small-dollar loan product to be available online through the OnDeck Score system beginning during 2016.

(-) RCAP, (-7.8%) Announces plans to wind down operations by March 31. Also discloses propsed settlement with securities regulators in Massachusetts, agreeing to a fine and voluntarily withdrawing it broker/dealer license in the state.

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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