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Financial Stocks Advancing Near Close; JPMorgan Exploring Sale of Pre-Paid Credit Card Business

Top Financial Stocks

JPM -0.28%

BAC +1.45%

WFC +0.28%

C +0.71%

USB +0.54%

Financial stocks are slightly higher in late trade with the NYSE Financial Sector Index adding about 0.1% and the S&P Financial 100 Index rising about 0.3%.

In company news, JPMorgan Chase ( JCP ) today said it is exploring a potential sale of its Corporate and Public prepaid card business.

The prepaid card business includes all Corporate, U.S. Public Sector and Electronic Benefit Transfer programs, as well as Health Savings Accounts. Additionally, the firm will no longer solicit or accept any new prepaid card business. It will continue to service existing prepaid card customers.

JPM shares fell today, declining 0.3% to $58.71 a share in afternoon trade.

In other sector news,

(+) GPN, Earns $1.07 per share in Q2, up from $0.93 last year and beating analyst expectations by $0.04 per share. Revenue rose 8% to $634.1 mln, topping estimates by $9.12 mln. Boosts FY14 EPS, revenue guidance but still trails consensus.

(-) AFG, Announces deal to to acquire workers' compensation administrator Summit Holdings Southeast Inc. from Liberty Mutual Insurance for $250 mln in cash. The deal is expected to immediately add to the insurer's 2014 earnings, it said.

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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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