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Financial Stocks Follow Broader Market Lower; Banco de Chile Sinks After Pricing Secondary Offering

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JPM -0.63%

BAC -0.48%

WFC -0.84%

C -3.36%

USB -1.85%

Financial stocks were lower with the NYSE Financial Sector Index retreating 1.3% and the S&P Financial 100 Index sinking about 1.1%.

In company news, American depository shares of Banco de Chile ( BSH ) fell Wednesday after the bank company priced a public secondary offering of 6.7 bln shares of its common stock at $74.23 per ADS.

The shares were sold by LQ Inversiones Financieras SA in the United States and most other countries as ADS although buyers in Chile received shares of the company's common stock. BCH did not receive any of the proceeds from the Offering.

BCH was down over 2% at $73.33 per ADS in late trade, earlier falling to a new 52-week low of $72.51.

In other sector news,

(+) JLL, Q4 earnings of $3.33 per share, ex items, beats by $0.24. Revenue rises 20.9% year over year to $1.51 bln, topping the analyst consensus by $190 mln.

(-) BCA, Agrees to $2.88 bln merger of its operations in Chile and Columbia with Itau ( ITUB ), with BCE acquiring ITUB's Chilean business in exchange for 172 million newly issued BCE shares. ITUB also will invest $652 million in the newly formed bank.

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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