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Sector Update: Shares Lower Pre-Market As World Bank Reduces Global Growth Forecast

Top Financial Shares:

JPM: -0.50%

BAC: -1.57%

WFC: -0.38%

C: -0.87%

USB: flat

Financial shares were lower in pre-market trade Thursday as the World Bank reduced its forecast for the year to 2.8% global growth, saying a harsh winter along with conflicts in Ukraine region will dampen growth.

In financial stocks news, following discussions with the Division of Investment Management and the Securities and Exchange Commission, Prospect Capital Corp. ( PSEC ) reported after-hours Tuesday that it will not be required to restate its prior-period financial statements to consolidate certain wholly owned or substantially wholly owned holding company subsidiaries.

PSEC was up 4.9% in pre-market trade.

And, Prudential Financial ( PRU ) approved the repurchase of up to $1.0 billion of its outstanding common stock during the period from July 1, 2014, through June 30, 2015.

In June 2013, the board authorized the repurchase of up to $1.0 billion shares through June 30, 2014. Under that authorization, the company has repurchased approximately $750 million of its common stock through March 31, 2014.

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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