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Sector Update: Financials

Financial shares were flat to higher in pre-market trade Tuesday ahead of a retail sales report due.

In financial stocks news, Lexmark International ( LXK ) appointed Gary Stromquist as its interim chief financial officer, effective May 20, 2014. Lexmark's CFO John Gamble has taken the CFO post at Equifax ( EFX ).

Stromquist has been with Lexmark since its inception in 1991 and has served in a number of leadership positions within the company. Since 2010, he has been vice president of finance for Lexmark's Imaging Solutions and Services and the Corporate Finance group.

And, Newcastle Investment ( NCT ) said it has completed the sale of its manufactured housing portfolio. The portfolio had a face amount of $222 million and was sold at a price of 104% of par, or $231 million of proceeds.

Part of the proceeds from the sale will be used to pay off the current debt on the portfolio at par, including $132 million of third-party debt and $20 million of debt owned by CDO VIII and CDO IX.

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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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