Financial stocks were mixed early Wednesday, with the NYSE Financial Sector Index not yet moving today while financial companies in the S&P 500 Index also were down almost 0.3%.advance.
In company news, Banco Bradesco SA (BBD) fell in after-hours trading last night. dropping about 1.6% to $11.47 per American depository share after yesterday disclosing a federal court judge in New York late Friday sided with the Brazilian bank company by identifying problems with a securities class action suit against Banco Bradesco but also gave the lead plaintiff 30 days to resolve those deficiencies and re-file an amended complaint.
The U.S. District judge for the Southern District of New York also ruled to limit the proposed class to investors who purchased Banco Bradesco preferred ADS between Aug. 8, 2014, to July 27, 2016, according to a new regulatory filing. The bank had filed a motion seeking to dismiss the suit filed in June 2016.
According to the company, the court will begin the process of scheduling discovery in the case if the lead plaintiff declines to amend the complaint by the end of the 30-day period.
In other sector news,
(+) AFG, (0.00%) Said a projected pre-tax Q3 net loss of $105 mln, or $0.95 per share, resulting from hurricanes Harvey, Irma and Marie and a string of severe earthquakes in Mexico last month will not preclude the company from paying a special dividend during Q4.
(+) MKTX, (0.00%) Reports a 2.2% increase in total monthly trading volume during September compared with prior month, rising to $116.8 bln from $114.3 bln during August. U.S. high-grade debt made up almost 57% of September volume, reaching $66.5 bln, with other credit securities making up the remaining $46.4 bln in volume.