Updated from 2:52 p.m. EDT
Financial stocks for the most part mirrored the up-down action of the major indices Thursday, starting strong before dipping lower.
slumped on news the Atlanta-based futures-and-commodities exchange will
meet in Chicago next week to try to woo members of the
Chicago Board of Trade
ICE is battling against the
Chicago Mercantile Exchange
in a bidding war for CBOT. All three exchanges were lower in recent trading: ICE was down 4.3% at $142.16, CME was 1.4% lower at $512.25 and CBOT was down 2.5% at $187.77.
agreed to acquire a noncontrolling investment in Sterling Stamos Capital Management. The investment firm, which has $4 billion in assets under management, will remain private. Shares of Merrill were down $1.21, or 1.3%, at $92.61.
In analyst action,
( IMB) was downgraded by UBS to neutral from buy based on valuation and weak medium-term fundamentals. Shares were down 3.3% at $34.30. Meanwhile,
NY Community Bancorp
( NYB) fell 8 cents, or 0.5%, to $17.45 after an upgrade to market perform from underperform from Friedman Billings Ramsey, which also issued an $18 price target.
Meanwhile, some China-based stocks were still stinging from a sober outlook offered late Wednesday by former
Chairman Alan Greenspan, who suggested that equities in that country are overvalued and headed for an eventual correction.
Among those American depositary shares feeling the downward pressure was
China Life Insurance
, which was down 3.4% at $46.61. Exchange-traded fund
iShares FTSE/Xinhua China 25 Index
was also hit, falling 2.7% to $110 on heavier-than-usual volume. After an early slump, however,
China Finance Online
was up 4.6% to $10.01.
More broadly, the
Financial Sector Index dropped 104.76 points, or 1.1%, to 9802.79. The KBW Bank Index lost 0.8% to 116.79.