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Sector Update: Financial Stocks Inching Higher; Berkshire Hathaway Hit With Fine for Delayed Stock Filing

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JPM +0.19%

BAC -0.03%

WFC -0.12%

C +0.04%

USB -0.55%

Financial stocks were narrowly higher today with the NYSE Financial Sector Index rising less than 0.1% and the S&P Financial 100 Index up 0.2%.

In company news, Berkshire Hathaway Inc (BRK-A) was narrowly lower Wednesday afternoon and the financial and industrial conglomerate agreeing to pay an $896,000 civil penalty to the U.S. government after failing to report an increased stake in USG Corp ( USG ) in a timely manner.

The payment settles allegations first disclosed made in a lawsuit filed today with the the U.S. District Court in Washington, D.C. In its suit, the government contends the company violated notice and waiting period requirements of the Hart-Scott-Rodino antitrust law.

Specifically, BRK-A did not file the proper notice before swapping shares of USG convertible notes into common stock last December. The company made a corrective filing in early January, according to the complaint.

BRK-A shares were down about 0.2% at $202,300.00 each, earlier slipping to a session low of $201,984 a share. The stock has traded within a 52-week range of $163,038 to $203,355, last week topping $200,000 a share for the first time.

In other sector news,

(+) VTR, (+0.2%) Completes all-cash acquisition of 29 senior living communities in Canada. The deal was funded with a Canadian-dollar denominated term loan, which will be replaced with long-term debt financing as soon as practicable.

(-) C, (-0.1%) Reportedly preparing its Japanese retail banking business for a sale and has approached Mitsubishi UFJ Financial Group (MUFG), Sumitomo Mitsui Financial Group ( SMFG ) and Mizuho Financial Group, a source with knowledge of the matter told Reuters.

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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